China's postal savings bank raising US$7.25b via preferred shares

Hong Kong

POSTAL Savings Bank of China Co (PSBC) is raising US$7.25 billion through an issue of preferred shares to shore up its capital buffer and boost lending, becoming the latest Chinese bank to raise funds through the hybrid securities.

State-run PSBC's fundraising comes a year after it garnered US$7.63 billion in a Hong Kong IPO. The lender also unveiled plans in August for a share listing in Shanghai to raise US$785 million.