Four of China’s biggest banks will raise a combined Rmb520bn ($72bn) through share sales to investors including the Ministry of Finance, as Beijing seeks to shore up its vast banking sector against pressing economic woes.
Bank of China, Bank of Communications, Postal Savings Bank of China and China Construction Bank said they would raise Rmb165bn, Rmb120bn, Rmb130bn and Rmb105bn respectively in stock exchange filings on Sunday.
The Ministry of Finance will be a major investor in the capital raise by the four banks, which are all state-owned and collectively had about Rmb10tn in capital as of last June.
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