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CSRC oks China Merchants Bank' rights issue plan

Apr. 9, 2012 (China Knowledge) - China Merchants Bank or CMB<600036><3968>, the nation's sixth-largest bank by assets, announced that it had obtained approval from the China Securities Regulatory Commission to raise about RMB 35 billion through a rights issue in Shanghai and Hong Kong.

The bank earlier announced plans to issue 2.2 new shares for every ten existing A and H shares to boost its capital adequacy ratio. The lender plans to issue 2.89 billion A shares and 860 million H shares.

Fu Yuning, chairman of CMB, said last month that the rights issue is expected to be completed in the first half of this year.

At the end of 2011, CMB's capital adequacy ratio had risen 0.06 percentage points from a year earlier to 11.53% and its core capital adequacy ratio had increased by 0.18 percentage points year on year to 8.22%, according to an earlier report from China Knowledge.

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