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Industrial Bank to raise RMB 26.3 bln via private placement

Apr. 10, 2012 (China Knowledge) - Industrial Bank Co Ltd<601166>, a Fujian Province-based bank partly owned by HSBC Holdings Plc<0005>, announced yesterday that it has received approval from its shareholders to raise RMB 26.3 billion through a private placement.

The lender said in a statement filed with the Shanghai Stock Exchange that it plans to issue up to 2.07 billion ordinary A shares at a price of RMB 12.73 apiece to four investors, comprising PICC Asset Management Company Ltd, China National Tobacco Corporation, Beijing Infrastructure Investment Co Ltd and Shanghai Zheng Yang International Business Co Ltd.

Proceeds from the placement will be used to replenish the firm's core capital.

In 2011, Industrial Bank saw its operation revenue increased 37.77% year on year to RMB 59.87 billion, and its net profit for last year jumped 37.71% year on year to RMB 25.51 billion. China Knowledge reported earlier.

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