Bank of Ningbo (002142.SZ) announced on Wednesday that the China Securities Regulatory Commission (CSRC), the country's top securities regulator, had approved its application to issue preferred stocks via private placement.
The Shenzhen-listed bank unveiled in October 2014 that it planned to raise a maximum of 5 billion yuan via issuing no more than 50 million preferred stocks towards up to 200 qualified investors. The raised funds will be used to boost the bank's tier one capital.
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