Agricultural Bank to Raise $15.8 Billion in Private Placement
Agricultural Bank of China (ABC), the country’s third-largest bank, said on Monday it would raise as much as 100 billion yuan ($15.8 billion) in a private placement of its Shanghai-listed shares.
The bank will use the proceeds to replenish its core tier 1 capital and boost its capital adequacy, ABC said in a securities filing.
The adequacy ratio of ABC’s core tier 1 capital — meaning banks’ core capital and the main measure of a bank's financial strength — has been steadily improving over the last three years, but is still below the industry average level of 10.72%. After the private placement, the bank’s core tier 1 capital adequacy ratio will increase to 11.23% from 10.38%.
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