Banking News
- Everbright bank to get capital infusion
Date: 17-Aug-2007 Sources: (Shenzhen Daily)
CHINA Everbright Bank Co. said it's getting a financial bailout by the Central Government to meet minimum capital requirements and attract overseas investors to its initial public offering (IPO).
Central Huijin Investment Co. will pay 20 billion yuan (US$2.6 billion) to buy new Everbright shares at a nominal price of 1 yuan per share, the Beijing-based bank said Thursday. Huijin's investment merely goes part of the way to replenish the capital-adequacy ratio of China's eighth-largest bank by assets, at 4.65 percent according to its most recent annual report in 2003.
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