Pudong Bank to issue bonds, sell shares

Shanghai Pudong Development Bank, a mid-sized Chinese bank, is planning to raise up to 30 billion yuan by selling shares and bonds to improve its capital adequacy, the bank said in a statement on Friday.

The bank said it planned to sell up to 15 billion yuan in domestic A-shares from a private placement, equivalent to as much as 20 percent of existing shares, to 10 investors including the bank's major shareholders. It would also issue up to 15 billion yuan in subordinated debt.

The funds will be used to boost its core capital and improve its capital adequacy ratio, which was 9.06 percent at the end of 2008.