Cathay United Bank Co. Ltd. plans to raise NT$10 billion from selling new shares to its parent Cathay Financial Holding Co. Ltd. to replenish its capital and fund business development.

The bank will issue 500 million shares at NT$20 apiece to its parent, according to an Aug. 15 stock exchange filing.

As of Aug. 15, US$1 was equivalent to NT$31.34.