China's Pudong Bank says completes share placement

SHANGHAI, Sept 30 (Reuters) - Shanghai Pudong Development Bank (600000.SS), part-owned by Citigroup Inc (C.N), said on Wednesday it had completed a private share placement worth 15 billion yuan ($2.2 billion).

Pudong Bank issued 904 million new yuan-denominated A shares at 16.59 yuan each to one individual investor and eight institutions, including brokerage Haitong Securities (600837.SS) and garment maker Youngor Group (600177.SS), it said in a statement published in the official Shanghai Securities News.

All investors promised to lock up the shares for one year.

Pudong Bank announced in April that it would use the proceeds to supplement capital as some Chinese banks rush to raise funds after a lending spree in the first half of this year reduced their capital adequacy.

Among others, China Merchants Bank Co (3968.HK) (600036.SS), the country's sixth-largest lender, has announced a plan to raise up to 22 billion yuan via a rights issue in Hong Kong and Shanghai to consolidate its capital base. [ID:nSHA328498] ($1=6.83 Yuan) (Reporting by Lu Jianxin and Edmund Klamann; Editing by Jonathan Hopfner)