The Bank of Communications has received approval from regulators to complete its private share placement.
The lender may now proceed with its plan to issue 6.54 billion yuan in yuan-denominated A-shares and 5.84 billion Hong Kong dollars in Hong Kong dollar-denominated H-shares.
It aims to raise 55.6 billion yuan or US$8.98 billion to replenish its core capital by offering new shares to its existing shareholders through private placement.
Twelve institutional investors, including the Ministry of Finance and the National Social Security Fund, will take part in the private placement, according to the March statement.
After the placement, the Ministry of Finance will hold a 26.53 percent stake in the lender, while the National Social Security Fund's stake will stand at 13.88 percent.
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