Shanghai Pudong Bank Sells $2.2 Billion of Shares

Shanghai Pudong Development Bank Co., part owned by Citigroup Inc., said it raised 15 billion yuan ($2.2 billion) in a private placement to replenish capital depleted by credit growth.

Pudong Bank sold 904 million new shares at 16.59 yuan each to nine institutional investors, the Shanghai-based bank said in a statement. Citigroup’s stake in the lender will fall to 3.4 percent from 3.8 percent after the sale, the company said.