Pudong D wrist watches ev't Bank approved for share placement, bond salewrist watches x ring y strainer Y strainer Y type strainer Yellow bridesmaid dress Yellow cocktail dress Yellow evening dress Yellow prom dress youtube converter youtube downloader zenithink zt 180 zenithink zt 180 Zenithink ZT180 zip lock bag Zoekmachine optimalisatie 干粉砂浆设备 高壓清洗機 橫式包裝機 薑黃
Pudong Dev't Bank approved for share placement, bond salePublished: 05 May 2009 18:29:22 PST
Top 5 News From ChinaKnowledge.comGM China sales up 50% in AprilOceanwide Real Estate to issue RMB 3.2 bln in corporate bondsChina to release stimulus plan for new energy sectorGuoyuan Asset Management to launch US$300-mln PE fundLi & Fung to raise US$350 mln through new share offeringMay 6, 2009 (China Knowledge) - Shanghai Pudong Development Bank<600000>, partly owned by Citigroup Inc, has obtained shareholders' approval to raise a total of RMB 30 billion through bonds offering and new share placement, the Shanghai Daily reported.
The bank was approved to issue RMB 15 billion in subordinated debt and raise up to RMB 15 billion via a private placement.
The capital raising, a priority for the bank, is expected to help boost the lender's capital adequacy ratio, according to Chen Xin, deputy chairman of the bank. Chen added the capital raising can also help the bank to invest more for its network expansion.
The medium-sized bank's capital adequacy ratio was slightly above the 8% regulatory minimum requirement by the end of the first quarter. The lender's core capital ratio was around 5%, slightly above the regulatory minimum of 4%. The industry average for the capital adequacy ratio is about 12%, and the core capital ratio is about 7%, sources said.
Shanghai International Group, the investment arm of the Shanghai government and the largest shareholder of the Shanghai-listed bank, will buy new shares of the bank, according to Ji Xiaohui, chairman of the bank and Shanghai International.
The bank's shares were suspended from trading yesterday.
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