China's Industrial Bank to raise up to $3.9 bln to boost capital

July 29, 2016 1:03 PM

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SINGAPORE, July 29 Chinese commercial lender Industrial Bank Co Ltd plans to raise up to 26 billion yuan ($3.9 billion) in a private placement of shares to shore up its capital in the face of a slowing domestic economy.

Industrial Bank, based in the southeastern province of Fujian, plans to issue up to 1.72 billion domestically listed A-shares at 15.10 yuan apiece, it said on Friday in a filing to the Shanghai stock exchange.

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