PSBC kick-starts plan to boost coffers

Bank brings in 10 strategic investors to augment capital ahead of possible public float

Postal Savings Bank of China Corp Ltd, the sixth-largest commercial lender in China by assets, said on Wednesday that the China Banking Regulatory Commission has approved the bank's plan to raise as much as 45.1 billion yuan ($7 billion) from 10 strategic foreign and domestic investors ahead of a possible initial public offering.

The lender said it will sell a 16.92 percent stake to a group of investors, ranging from global financial institutions to domestic Internet giants, upon completion of fund-raising.