Ping An Bank Co. Ltd. (000001.CN) said in a regulatory filing Monday that it has received approval from the China Securities Regulatory Commission (CSRC) for a private placement of up to 1.323 billion new A-shares. The new shares, which would amount to 16.1 percent of the enlarged share capital, will help the bank raise up to 14.8 billion yuan (US$2.445 billion). The additional funding will help boost Ping An Bank’s core capital adequacy ratio to 8.5 percent and the headline capital adequacy ratio to 10.4 percent. With the additional capital strength, Ping An hopes to achieve business growth of 20 percent annually for the coming two to three years.
– Contact HKEJ at [email protected]