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China's Huishang Bank to buy 15% of new provincial local commercial bank

China's Huishang Bank Corp. Ltd.'s board approved on Jan. 7 a plan to acquire a 15% stake in a new provincial local commercial bank.

Under the plan, Huishang Bank will contribute up to 3.6 billion yuan of one-off capital, according to a Jan. 7 release. The bank did not name the newly formed lender as well as its other shareholders.

To replenish its core Tier 1 capital following the acquisition, Huishang Bank plans to issue up to 1,735,000,000 domestic shares and up to 695,000,000 overseas-listed shares, or H shares, in a non-public placement. The issue price, which is not yet determined, is expected to be higher than Huishang Bank's latest audited net assets per share. The share issuance is expected to take place by June 30, according to the filing.

The business scope of the new bank, as well as other participants and their specific shareholding ratios will be decided by the promoters and are subject to the approval of regulatory authorities.

In addition, Huishang Bank plans to acquire part of assets and liabilities of other banking financial institutions. It did not disclose further details but said the proposed transaction is subject to the result of "the tender and the agreement to be entered into related to the project."

As of Jan. 7, US$1 was equivalent to 6.94 Chinese yuan.