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Bank of Nanjing to raise up to 14B yuan via share placement

Bank of Nanjing Co. Ltd. plans to raise up to 14 billion Chinese yuan through a share placement.

The Chinese lender plans to issue 1,696,000,000 shares to four entities, representing approximately 20% of the shares outstanding as of March 31.

French bank BNP Paribas SA, which currently holds a 15.01% stake in Bank of Nanjing, will subscribe for 121,142,857 shares. Meanwhile, Nanjing Zijin Investment Group Co. Ltd. will subscribe for 193,828,571 shares in the private placement. Nanjing Zijin currently holds a 12.41% shareholding in the lender.

Jiangsu Communications Holding Co. Ltd. will subscribe for 1,017,600,001 shares via the placement, and will hold a 10% stake in Bank of Nanjing following the placement.

Further, China National Tobacco Corp.'s Jiangsu bureau will subscribe for 363,428,571 shares.

Proceeds from the share placement will go toward replenishing Bank of Nanjing's core Tier 1 capital.

As of May 21, US$1 was equivalent to 6.90 Chinese yuan.