Deals
Bank of China Plans to Raise Up to $16 Billion in Capital
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Bank of China Ltd. is seeking 100 billion yuan ($16 billion) from selling preferred stock in the largest fundraising by a Chinese bank in almost four years to comply with stricter capital requirements.
The board of the nation’s fourth-biggest bank by market value approved a plan to sell as many as 600 million of the shares through private transactions on the mainland, becoming the latest Chinese company to issue the securities domestically since the government began allowing them to two months ago. The Beijing-based company plans to sell no more than 400 million preferred shares offshore, it said in a filing yesterday.