Bank of Nanjing to Sell Up to $1.6 Billion of Preferred Shares

Bank of Nanjing Co. said it plans to raise as much as 10 billion yuan ($1.6 billion) selling preferred shares in a private placement in China.

The lender will use the money from selling as many as 100 million shares to replenish capital and raise its capital-adequacy ratio, it said in a statement on Tuesday to Shanghai’s stock exchange.

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