China Construction Bank plans raising $9.2bln via share sales

The lender seen to follow its rivals’ move to raise more funds.

China Construction Bank, the country's second-biggest lender, plans to raise 61.6 billion yuan (US$9.2 billion) from a share sale in Shanghai and Hong Kong to help fortify its capital base following a lending boom.

The announcement by the bank, made late Tuesday, follows news that Bank of China Ltd. will raise up to 60 billion yuan (US$8.9 billion) and that Industrial & Commercial Bank of China will raise up to 45 billion yuan (US$6.7 billion) in similar stock sales known as rights issues that are limited to existing shareholders.

A third major bank, Bank of Communications, raised 33.1 billion yuan (about US$5 billion) in July, according to a report in China Post.