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New Ningbo stake to cost OCBC 1.8b yuan
Private placement will raise its holding in China bank to maximum of 20%
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Angela Tan
Published Tue, Jan 14, 2014 · 10:00 PM
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EVEN before its acquisition of Hong Kong's Wing Hang Bank is sealed, OCBC Bank said yesterday that it would invest 1.8 billion yuan (S$378 million) to boost its stake in China's Bank of Ningbo.
OCBC has agreed to subscribe for up to 207.55 million new shares in Bank of Ningbo at 8.85 yuan each in a planned private placement.
The share subscription, which will be funded through internal resources, will boost OCBC's stake in the Shenzhen-listed bank from 15.34 per cent to 20 per cent - the maximum foreigners can own in a Chinese bank.
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