Bank of Beijing to raise 15b yuan
Updated: 2007-09-10 16:26
The share price of Bank of Nanjing leapfrogged to close at 22.08 yuan each share last Friday, which more than doubled its IPO price of 11 yuan. Bank of Ningbo almost tripled its IPO price to close the previous trading day at 26.63 yuan each.
Bank of Beijing said the raised funds would be used to boost its capital adequacy ratio and its capabilities of risk control and profit making.
Bank of Beijing reported a net profit of 550 million yuan in the first quarter this year with assets totaling 263.98 billion yuan.
Its capital adequacy ratio stood at 13.23 percent at the end of March, with the non-performing loan ratio at 3.34 percent.
The Dutch banking and insurance group ING is the largest shareholder of the bank with a 19.9 percent stake, while the International Financial Corporation holds five percent as the fourth largest shareholder.
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