HONG KONG -(Dow Jones)- Bank of Communications Co. (3328.HK), China's fifth-largest bank by assets, said Tuesday the country's banking regulator has approved its plan to raise CNY56.6 billion (US$9 billion) via a private placement to shore up its capital base in the face of stricter banking rules.
The deal is still subject to approval from China's securities regulators, the lender had said earlier.
The bank, known as BoCom and 19%-owned by HSBC Holdings PLC (HBC), said in March it would issue 6.54 billion yuan-denominated A shares at CNY4.55 each and 5.84 billion Hong Kong dollar-denominated shares at HK$5.63 each.
It has secured shareholders' approval last week to raise funds.
-By Fiona Law, Dow Jones Newswires; 852-2802-7002; firstname.lastname@example.org
(END) Dow Jones Newswires
May 15, 2012 06:06 ET (10:06 GMT)
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