China CITIC Bank to Raise 26Bln Yuan via Rights Issue

»China CITIC Bank, a mid-sized lender, said Wednesday it plans to raise up to 26 billion yuan ($3.8 billion) in a rights issue to replenish capital.

»The bank will sell as many as 2.2 shares for every 10 existing shares in Hong Kong and Shanghai, up to a total of 8.6 billion shares, it said in a statement.

»CITIC Bank has registered a total asset of 1.94 trillion yuan as of June 30, 2010, up 9.3 percent from a year earlier. Revenue for the first half rose 39.3 percent to 25.5 billion yuan.

»The capital adequacy ratio reached 10.95 percent and core capital adequacy ratio stood at 8.26 percent by the end of June.