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OCBC invests another $383m in Bank of Ningbo

Published on Jan 14, 2014 5:53 PM
 
Oversea-Chinese Banking Corporation (OCBC) is injecting $383 million into China's Bank of Ningbo through a private placement. -- PHOTO: BLOOMBERG

Oversea-Chinese Banking Corporation (OCBC) is injecting $383 million into China's Bank of Ningbo through a private placement.

OCBC will subscribe for up to 207,545,680 new ordinary shares in Bank of Ningbo as part of the placement.

The investment will be funded through internal resources, OCBC said in a statement on Tuesday.

The deal is expected to be completed sometime in the third quarter of this year. Following completion of the proposed share subscription, OCBC's total stake in Bank of Ningbo is expected to increase from the current 15.34 per cent to 20 per cent of its enlarged issued capital.