After Beijing's pledge to support the economy, China's top banks are seeking to raise 520 billion yuan to strengthen core capital, Reuters reported Sunday.
Bank of China (SHA:601988, HKG:3988) aims to raise 165 billion yuan, China Construction Bank (SHA:601939, HKG:0939) 105 billion yuan, Bank of Communications (SHA:601328, HKG:3328) 120 billion yuan, and Postal Savings Bank of China (SHA:601658, HKG:1658) 130 billion yuan, according to the report.
The finance ministry, a key shareholder, will participate in all four capital raises and become the controlling shareholder of Bank of Communications, Reuters wrote.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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