China's BoCom raises $8.9 billion in private placement

China's fifth-largest lender, Bank of Communications Co Ltd , will raise $8.9 billion to meet tighter capital requirements by placing shares with existing shareholders such as HSBC and the country's finance ...

HSBC Group is expected in the next few months to sell its 8.0% stake in the Bank of Shanghai.  The financial services giant could receive as much as $800 million from its shares in the second-tier Chinese lender.  Why do analysts think HSBC will unload its holding soon?  It looks like the Bank of Shanghai is set to raise $2 billion by selling newly issued stock, on the Shanghai and Hong Kong exchanges, with a value of up to 30% of its existing shares.  The listing could occur before June, so HSBC will have to act now if it does not want to be trapped by a lock-up period, typically imposed on e

Gearing up to meet stricter capital requirements, Bank of Communications, China's fifth-largest bank by assets, plans to raise $8.9 billion through share placements in Shanghai and Hong Kong.

Bank of China said Friday it plans to raise up to 8.9 billion dollars in a share rights issue in Shanghai and Hong Kong to strengthen its capital base.The announcement to the Hong Kong Stock Exchange of the 60 billion yuan issue comes as Chinese state-run banks seek to replenish their capital after the government ordered lenders to keep more money in reserve.Bank of China said in a statement it planned to issue up to 1.1 rights shares for every 10 existing Shanghai-listed A and Hong Kong-listed H shares.

Bank of China said Friday it plans to raise up to 8.9 billion dollars in a share rights issue in Shanghai and Hong Kong.The announcement to the Hong Kong Stock Exchange of the 60 billion yuan issue comes as Chinese state-run banks seek to replenish their capital after the government ordered lenders to keep more money in reserve.Bank of China said in a statement it planned to issue up to 1.1 rights shares for every 10 existing Shanghai-listed A and Hong Kong-listed H shares.

ByJon Parepoynt:HSBC Holdings Corp (HBC) is one of the largest global banks with substantial operations in all major regions. Founded in 1865 and formally known as Hong Kong and Shanghai Bank Corp, HBC services about 60 million retail customers from 6900 offices in 85 countries.

Agricultural Bank of China priced its Hong Kong share offering at 3.20 Hong Kong dollars (41 cents) a share, a company spokesman said Friday, possibly setting a new world IPO record.If the bank exercises it over-allotment option, the rural lender could raise as much as 22.1 billion US dollars in a dual Hong Kong-Shanghai listing, outpacing Industrial & Commercial Bank of China's 21.9 billion dollar initial public offering in 2006."It is confirmed. The bank set the Hong Kong share price at 3.20 Hong Kong dollars," a spokesman told AFP.