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Minsheng wins approval for private placement

(Xinhua)
Updated: 2007-01-19 16:02

China Minsheng Banking Corp Ltd has received approval from securities regulators for a private placement of 3.5 billion A-shares, the Economic Observer reported.

The bank "recently received formal approval from the China Securities Regulatory Commission (CSRC)," said a source.

China Minsheng said in September that the China Banking Regulatory Commission (CBRC) approved its private placement but the final details were pending approval by CSRC.

At the end of June, China Minsheng's capital adequacy ratio (CAR) fell to 7.46 percent, against 8.26 percent at the end of 2005, which made raising capital a priority.