Hang Seng Bank may take part in Industrial Bank's rights issue

Updated: 25 Nov 2009
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Hang Seng Bank<0011>, which has a 13% stake in Industrial Bank Co<601166>, said it will give serious consideration on taking part in Industrial Bank's planned rights issue, sources reported.
 
HSB, as a strategic partner of Industrial Bank, will support Industrial Bank's long-term development, said a Hang Seng Bank spokeswoman, adding that it will seriously consider the investment plan after obtaining details.
 
Fujian-based Industrial Bank announced on Monday that its board of directors has approved the rights issue plan to raise up to RMB 18 billion, aiming to boost its capital base. The bank said it will issue 2.5 new shares for every ten existing shares held by shareholders.
 
However, the rights issue plan is still subject to the approval from Industrial Bank's shareholders, the China Securities Regulatory Commission, and the China Banking Regulatory Commission. A shareholder meeting will be held to discuss the plan on Dec. 8.
 
HSB, which is 62% held by HSBC Holdings Plc<0005><HBC>, is the fourth-largest lender in Hong Kong.
 
Shares of HSB rose 1.48% to close at HK$116.3 on Monday, while shares of Industrial Bank slightly edged up 0.8% and ended at RMB 40.5.
 
SOURCE: www.chinaknowledge.com
 
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