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Bank of Communications mulls private placement

Mar. 15, 2012 (China Knowledge) - Bank of Communications<601328><3328>, the mainland's fifth-largest lender by market value, said that both its A shares and H shares would be suspended from trading today as it is considering a private placement.

The bank said in a statement that its shares would resume trading and it would announce more details on the private placement on Friday.

Kong Kong media reports said earlier that the lender was mulling issuing new A and H shares, equivalent to 15% to 19% of its issued share capital, through a private placement.

At the end of the third quarter of 2011, the bank's capital adequacy ratio was 11.89%, while its core capital adequacy ratio was 9.24%, lower than the minimum regulatory requirement of 10%.

In 2010, the bank raised a total of RMB 32.7 billion through a rights issue in Shanghai and Hong Kong.

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