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China's AgBank to raise up to $15.8 billion via private placement

Reuters  |  BEIJING 

BEIJING (Reuters) - Agricultural Bank of China (AgBank), the country's third-largest bank, said on Monday it would raise as much as 100 billion yuan ($15.81 billion) in the biggest A-share private placement by a listed Chinese commercial bank.The bank will use the money to replenish its common equity tier 1 capital and boost capital adequacy of the bank, AgBank said in a securities filing.The fundraising comes as China's large state banks step up efforts to speed up write-offs and boost bad loan buffers as part of a nationwide campaign to de-risk and de-leverage the commercial banking ...

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First Published: Tue, March 13 2018. 10:29 IST