Banking & Finance

Pudong to raise US$5.6 bn in share sale

February 21, 2008

Shanghai Pudong Development Bank plans to raise as much as US$5.6 billion by selling up to 1 billion additional A-shares on Chinese stock markets, the Wall Street Journal reported. Pudong shares fell by 10% - the daily limit - on the news. Analysts said that Pudong will most likely use the proceeds of the share sale to boost its capital adequacy ratio and buy stakes in smaller banks. Shanghai-based Pudong has hired UBS, Guotai Junan Securities and Citic Securities to underwrite the deal.
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