Bank of Beijing to raise US$4.8b via share sale
Print Edition
THE Bank of Beijing plans to raise up to 30 billion yuan (US$4.8 billion) by selling 3.4 billion shares in Hong Kong to replenish capital as new rules are phased in, giving its shares a boost in Shanghai yesterday.
Yan Bingzhu, chairman of the bank, yesterday confirmed the plan although the stock sale is still pending regulatory approval, the lender said in a filing to the Shanghai Stock Exchange late on Monday. It could be the biggest stock sale in Hong Kong since AIA Group’s offering in October 2010.
The bank gained 0.3 percent to 7.62 yuan in Shanghai yesterday.
The bank plans to launch the sale this year, said Yang Shujian, secretary to the board of directors.
“According to the new capital rules, our capital adequacy ratio is 10.9 percent, slightly above the 10.5 percent threshold. So the need for capital replenishment is pressing,” Yang said.
The stock sale is set to raise the bank’s capital adequacy ratio by 3 percentage points and to meet future development needs in the next five years.
Separately, Shanghai Pudong Development Bank said in a filing to the Shanghai bourse yesterday that it plans to raise no more than 30 billion yuan through preferred stock.
Its net profit surged 20.3 percent annually in the first quarter to 10.7 billion yuan, the Pudong Bank said in its statement.
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