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Citic Bank Gets Nod For $4B Rights Issue

China Citic Bank has received approval from the China Securities Regulatory Commission to carry out a rights issue.

China Citic Bank has received approval from the China Securities Regulatory Commission (CSRC) to carry out a rights issue, Reuters reports. The mid-sized lender seeks to raise about $4 billion through the issue.

The bank will sell nearly 2.2 shares in Hong Kong and Shanghai for every 10 existing shares, up to a total of 8.6 billion shares. The issue is being supported by the bank’s two major shareholders, CITIC Group and BBVA.

Click here for the story from Reuters.

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