Postal Savings Bank of China Co. Ltd. plans to raise up to 50 billion yuan via a nonpublic issuance of offshore preference shares.

The bank said March 24 that it will issue up to 500 million offshore preference shares in a single or multiple series.

The proceeds from the issuance will be used to replenish the bank's Additional Tier 1 capital.

The issuance is subject to shareholder and regulatory approvals.

As of March 24, US$1 was equivalent to 6.89 Chinese yuan.