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Bank of Ningbo, in which Singapore's Oversea-Chinese Banking Corp holds a 12.2 percent stake, said it has set the price range for its initial public offering (IPO) in Shenzhen at 8.00-9.20 yuan (US$1.06-1.22) per share.

That translates to a price-to-earnings ratio of between 31.65 and 36.39 times the company's diluted earnings for 2006, the company said in a statement filed with the Shenzhen Stock Exchange.

The bank has said it plans to issue 450 million A-shares, representing 18 percent of its enlarged share capital. About 180 million A-shares, or 40 percent, will be sold to institutional investors, and the remainder to individual investors.

Goldman Sachs Gaohua Securities Co Ltd is the main underwriter for the IPO, the Zhejiang province-based lender said.