China Everbright Bank moves ahead with plans to issue preferreds

By Marisa Wong

Madison, Wis., June 2 – China Everbright Bank Co. Ltd. said the China Securities Regulatory Commission has approved its application to issue preference shares.

The company announced in November 2014 that it was seeking to issue up to RMB 30 billion of preferreds at par of RMB 100 per share.

Proceeds would be used to replenish the bank’s tier 1 capital, as previously noted.

The Beijing financial services company said it will make a further announcement once it receives written approval from the regulatory commission.

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