Shanghai: Ningbo Commerce Bank has issued a capital expansion plan under which it will raise RMB4.58bn from 13 of its shareholders. As the biggest shareholder with 20% share of the bank, Ningbo Port plans to add another RMB916m investment into the bank.
Ningbo Port Group said the investment is to improve its capital level and enhance risk resilience, and is in the best interest of the group.
Ningbo Commerce Bank was previously an Indonesian-controlled bank. Ningbo Port Group took over the control in 2009 and helped transform the bank into a local commerce bank in May this year.[26/09/12]