China's Jiangsu Jiangyin Rural Commercial Bank plans to raise several billion yuan in an initial public offering in Shanghai next year to fund expansion, two people with direct knowledge of the plan said on Tuesday, according to a Reuters report.

Jiangyin Bank, based in Jiangsu province, submitted an IPO application late last year and is waiting for regulatory approval.

Everbright Securities is arranging the share sale, said the people, who declined to be named as they were not authorized to speak to the media.