Ping An Bank Set to Boost Capital by as Much as $4.8 Billion
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Ping An Bank Co., a unit of China’s second-largest insurer, plans to replenish its capital by raising as much as 30 billion yuan ($4.8 billion) in a sale of preferred shares and common equity.
The bank will sell as much as 10 billion yuan of yuan-denominated shares to no more than 10 institutional investors including parent Ping An Insurance (Group) Co., the Shenzhen-based company said in an exchange filing yesterday. It may raise another 20 billion yuan selling preferred shares to no more than 200 investors, according to a separate statement.