City lender looking for foreign investors

ZHANJIANG, Guangdong province - Zhanjiang Commercial Bank, ranked 20th among city commercial banks in 2008 by comprehensive competitive strength, plans to offer some of its shares to a foreign bank next year to fuel its expansion, said Chairman Han Chunjian in an interview with China Daily.

The bank plans to sell 70 million more shares to raise 350 million yuan later this year in a bid to lift the bank's capital adequacy ratio to above 12 percent, the chairman said.

The bank sold 330 million shares held by the Zhanjiang city government to 10 domestic enterprises to raise 1.65 billion yuan in December.