October 30, 2019 / 8:06 AM / 23 days ago

China approves Hengfeng Bank to boost its capital to 11.2 billion yuan

BEIJING (Reuters) - China’s banking and insurance regulator said on Wednesday that it has approved the capital increase of Hengfeng Bank to 11.2 billion yuan ($1.59 billion) from 1.69 billion yuan.

The statement, made by China’s Banking and Insurance Regulatory Commission (CBIRC) on its website, didn’t dislose the source of bank’s capital injection.

Earlier this year, the country’s sovereign fund China Investment Corp (CIC) said its unit will act as a strategic investor in the Shandong-based bank, as part of a state rescue initiative to support indebted smaller banks and contain financial risk.

Reporting by Cheng Leng, Vincent Lee and Beijing Monitoring Desk, editing by Louise Heavens

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