China Citic Bank is seeking to raise $4 billion in a rights issue, The Wall Street Journal reports. The bank is selling 7.8 billion shares in a deal comprising Shanghai and Hong Kong-listed shares.
The Shanghai-listed offering will be priced at $0.50 per unit, while the Hong Kong-listed shares will be $0.51 a share. Spain’s BBVA and the Chinese bank’s main shareholders have agreed to participate in the share sale.
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