Bank of Communications, China’s fifth-largest lender, has raised $9bn to replenish its capital buffers in the biggest share sale in nearly a year.
With China’s stock market still fragile, BoComm opted for a private placement and met strong demand from its core investors, including HSBC, which holds a 19 per cent stake in the bank.
Chinese banks have worked over the past two years to build up their capital cushions after launching a record lending spree in 2009 to help propel the country during the financial crisis.
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