BEIJING, March 26 -- China CITIC Bank, the country's seventh largest commercial bank, plans to go public on both the Chinese mainland and in Hong Kong at the end of April this year, raising US$2.8 billion to US$3 billion, the Economic Observer reports.

The bank won approval to list on the Hong Kong stock exchange last week and it was waiting for approval by the China Securities Regulatory Commission (CSRC) to go public on the mainland A-share market.

The CSRC will audit the bank application's next week. According to the plan, the bank will issue eight billion shares, but the share price is yet to be announced.

By listing on the mainland and on the Hong Kong stock markets, the bank aims to strengthen corporate governance in line with international practices and raise more capital.