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Guangzhou Rural OK’d for RMB 10 billion offshore preference shares
By Marisa Wong
Morgantown, W.Va., March 15 – China’s Guangzhou Rural Commercial Bank Co. Ltd. announced it recently obtained regulatory approval to issue up to RMB 10 billion of offshore preference shares.
The bank had proposed the issuance in August 2018 and has since obtained shareholder approval for the securities.
Proceeds will be used to replenish the Guangzhou-based bank’s additional tier 1 capital, as previously announced.
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