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Bank of Shanghai to raise up to 20B yuan via preference share offering

Bank of Shanghai Co. Ltd. received regulatory approval to raise up to 20 billion Chinese yuan via a nonpublic offering of up to 200 million preference shares.

The funds raised will count toward the Chinese lender's Tier 1 capital.

The approval was issued by the China Banking Regulatory Commission's Shanghai bureau.

As of July 28, US$1 was equivalent to 6.74 Chinese yuan.