Bank of Communications Said to Brew CNY50bn Share Offering
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[February 10, 2012]

Bank of Communications Said to Brew CNY50bn Share Offering

BEIJING, Feb 10, 2012 (SinoCast Daily Business Beat via COMTEX) -- Bank of Communications Co., Ltd. (SEHK: 03328, SHSE: 601328) plans to raise around CNY 50 billion in a private placement of Hong Kong dollar-denominated shares, disclosed people familiar with the matter yesterday.


Bank of Communications is likely to complete the offering in the first quarter of this year at the earliest, according to one of the people. A spokesperson for the dual-listed bank declined to make a comment on the reported share offering.

The shares will be sold to HSBC Bank, China's National Social Security Fund (NSSF), and the Ministry of Finance (MOF) in a private placement, according to the person, adding that Bank of Communications is studying how to comply with the stock exchange regulations after the sale.


The bank had had a core capital adequacy ratio of 9.24% by the end of 2011, lower than the lower threshold for the major banks in the country.

Source: www.shihua.com.cn (February 10, 2012)

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