Bank to sell more shares in capital bid
By Zhang Fengming |
April 9, 2010, Friday
|
Print Edition
Print Edition
GUANGDONG Development Bank is to sell additional shares to raise up to 15 billion yuan (US$2.2 billion) to replenish capital, it said yesterday.
The bank, held by a Citigroup-led consortium, will sell up to 3.4 billion additional shares to existing share holders in the first half of this year.
A subordinated bond sale is also planned around the end of this year as part of a three-step capital-raising plan, including an initial pubic offering, the bank said.
The bank is now studying where to list and how much capital to raise.
"The additional shares sales plan will help replenish capital swiftly to meet demand of business development," said Guangdong Development Bank President Michael Zink.
The bank, once saddled with bad loans, returned to the black in 2007 after the Citigroup-led consortium nurtured it back onto a growth path. Net profits grew 22 percent to 3.4 billion yuan in 2009. Outstanding loans grew 22 percent year on year in 2009 to 380.9 billion yuan.
The bank, held by a Citigroup-led consortium, will sell up to 3.4 billion additional shares to existing share holders in the first half of this year.
A subordinated bond sale is also planned around the end of this year as part of a three-step capital-raising plan, including an initial pubic offering, the bank said.
The bank is now studying where to list and how much capital to raise.
"The additional shares sales plan will help replenish capital swiftly to meet demand of business development," said Guangdong Development Bank President Michael Zink.
The bank, once saddled with bad loans, returned to the black in 2007 after the Citigroup-led consortium nurtured it back onto a growth path. Net profits grew 22 percent to 3.4 billion yuan in 2009. Outstanding loans grew 22 percent year on year in 2009 to 380.9 billion yuan.
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