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Bank of Communications Financial Leasing to inject 7B yuan into unit

Bank of Communications Financial Leasing Co. Ltd., or BOCOM Leasing, plans to inject 7 billion Chinese yuan into unit Bank of Communications Aviation and Shipping Financial Leasing Co. Ltd., or BOCOM Aviation and Shipping.

Upon completion of the capital increase, the registered capital of BOCOM Aviation and Shipping will be increased to 8.5 billion yuan from 1.5 billion yuan, according to a Feb. 1 release.

The capital increase will enhance the capital strength of BOCOM Aviation and Shipping and further consolidate the developing basis of BOCOM Leasing's operating leasing business with a specialized, international direction of development. It will also further enhance profit contribution to the companies' parent, Bank of Communications Co. Ltd.

As of Feb. 1, US$1 was equivalent to 6.30 Chinese yuan.