The Shenzhen-based bank is seeking to raise $5.7 billion to boost its capital reserves.
August 23, 2013 at 05:36 AM
1 minute read
Herbert Smith Freehills and Sullivan & Cromwell are advising China Merchants Bank Co. on a newly announced $5.7 billion rights issue.
The Shenzhen-based bank plans to sell a total of 3.8 billion A and H shares on the Shanghai and Hong Kong stock exchanges, respectively. The money raised will be used to increase the bank’s capital reserves to protect against risk, according to a regulatory filing.
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