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Bank of Ningbo to raise up to 8B yuan in private placement of shares

Bank of Ningbo Co. Ltd. plans to raise up to 8 billion yuan by issuing shares in a private placement to boost its core Tier 1 capital, subject to shareholder and regulatory consent.

The lender said in a Dec. 8 release that the shares will be issued on a nonpublic basis to no more than 10 investors, including existing shareholders Oversea-Chinese Banking Corp. Ltd. and Youngor Group Co. Ltd.

The exercise is expected to raise its registered share capital to 5,624,953,840 from 5,208,553,684 as of Sept. 30. There were no placement details regarding other potential investors.

Bank of Ningbo added that the exercise to will effectively supplement its core Tier 1 capital, strengthen its resilience against risk and providing capital protection for sustainable development.

As of Dec. 7, US$1 was equivalent to 6.87 Chinese yuan.