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Bank of China raises 27B yuan in domestic preference shares

Bank of China Ltd. raised 27 billion yuan from the second tranche of a private issuance of domestic preference shares, according to a Sept. 5 filing.

The placement is part of the Chinese lender's plan to raise 120 billion yuan through the issuance of domestic and offshore preference shares.

The bank will use the net proceeds to replenish its additional Tier 1 capital and boost its capital adequacy ratio.

As of Sept. 4, US$1 was equivalent to 7.14 Chinese yuan.