China Minsheng Banking Corporation (600016.SH) has submitted its application to raise about 29 billion yuan from an issuance of up to 20 billion yuan worth of convertible bonds in the A share market, and an offering of nine billion yuan worth of H shares, reports yicai.com, citing Zhao Pingzhang, vice president of Minsheng Bank.

The bank’s capital adequacy ratio and core capital adequacy ratio as of end June hit 10.73 percent and 7.75 percent, respectively.

The balance of loans to local government financing platforms currently totals 172.1 billion yuan, down 25 billion yuan from the beginning of 2011.

Source:capitalvue