Bank plans share sale to raise $11b

BEIJING - China Construction Bank Corp (CCB) plans to sell shares to raise about 75 billion yuan ($11 billion) of capital this year, said two people with direct knowledge of the matter.

The Beijing-based bank may raise as much as 45 billion yuan in a private placement on the local share market in Shanghai and 30 billion yuan in a rights offer in Hong Kong, said the people, declining to be named because the plans are not public.

CCB is joining rivals Industrial and Commercial Bank of China (ICBC), Bank of China and Bank of Communications, who have announced plans to raise a combined 107 billion yuan after a credit boom drained capital.