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Bank of Guiyang to issue 50 million preference shares

Bank of Guiyang Co. Ltd. received approval from China's securities regulator to issue 50 million preference shares on a private placement basis.

The approval is valid for six months from date of consent, the lender said in a Sept. 5 release, without specifying details.

Bank of Guiyang aims to raise up to 5 billion yuan from the issuance to boost its capital adequacy, Caijing reported Sept. 6.

As of Sept. 6, US$1 was equivalent to 6.84 Chinese yuan.