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Plans to hurl what may be the largest initial public stock offering in story passed a milestone Wednesday as China’s securities regulator approved plans through Agricultural Bank of China’s plans to sell over $20 billion US in shares.

The bank, based in Beijing, serves else than 350 million, mainly rural, customers and is the last of the rustic’s “big four” state-owned banks to become publicly traded.

In this May 15 file photo, a charging bull statue similar to the iconic symbol direct Wall Street is unveiled on the Bund in Shanghai’s monetary district. The Agricultural Bank of China is primed to set a nature record with the value of its IPO, expected in July. (Eugene Hoshiko/Associated Press)

With 24,000 branches and a close-monopoly on bank services in the countryside, Agricultural Bank plans to propound shares on markets in Shanghai and Hong Kong, despite current place of traffic doldrums.

By way of comparison, Canada’s biggest bank, RBC, has 13 the great body of the people clients and 12,000 branches in this country and more than 18 the great body of the people clients globally.

The China Securities Regulatory Commission reviewed the plan and announced in a precept notice on its website that it had been approved.

Agricultural Bank is bid to sell up to 53 billion shares in separate listings in c~tinuance the two exchanges with trading expected to begin by mid-July.

The bank had denied reports the oblation might be delayed due to recent market turmoil, which has dragged apportioned lot prices to 13-month lows.

Expectations of strong government backing in opposition to the IPO, and other possible market-boosting measures, prompted a reverberation in shares Wednesday, with the benchmark Shanghai Composite Index gaining 69.92 points, or 2.8 by means of cent, to close at 2,583.87.

The bank has yet to set an initial price for its shares, but it is expected to build up between $23 billion and $30 billion. The previous world record was regulate by Industrial & Commercial Bank of China, which raised $21.9 billion in October 2006.

With files from The Associated Press