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Shareholders approves BOCOM's private placement

May. 10, 2012 (China Knowledge) - Bank of Communications<601328><3328>, the mainland's fifth-largest lender by market value, announced yesterday that it has obtained approval from its shareholders to raise RMB 56.6 billion through a private placement to boost its capital base.

The bank said in a statement the plan is still subject to approval from banking and securities regulators.

The lender said earlier that it would issue 6.54 billion A shares at RMB 4.55 apiece and 5.84 billion H shares at HK$5.63 per share.

The shares will be issued to 12 institutions, including China's Ministry of Finance (MOF), China's National Social Security Fund (NSSF), HSBC Holdings<0005> and China FAW Group.

Upon completion of the deal, the bank's capital adequacy ratio is expected to rise to 13% and its core capital adequacy ratio to increase to 10%.

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