Jiangsu Zhenjiang Rural Commercial Bank Co.,Ltd announced that it expects to receive CNY 1.05 billion in funding from Jiangsu Changshu Rural Commercial Bank Co., Ltd.
June 01, 2020
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Jiangsu Zhenjiang Rural Commercial Bank Co.,Ltd announced that it has entered into an agreement with new investor Jiangsu Changshu Rural Commercial Bank Co., Ltd. (SHSE:601128) to issue 500,000,000 common shares of par value CNY 1 at a price of CNY 2.1 per share for gross proceeds of CNY 1,050,000,000 on June 2, 2020. The transaction has been approved by the 22nd meeting of the 6th directorate of the investor. The shares are being issued at a premium and the payment will be received within 10 working days after obtaining the approval documents, subscription agreement signed by both parties comes into effect, and the issuance of shares has completed all the examination and approval procedures of the banking regulatory agency and the securities regulatory agency. As part of the round investor will acquire 33.33% stake in the company.
Jiangsu Changshu Rural Commercial Bank Co Ltd is a China-based company mainly engaged in banking and related financial services. The Bank operates three reporting segments. The Company's Business segment mainly provides services to corporate customers, including corporate loans, bill issuance, trade financing, corporate deposits, and remittance services. The Personal Business segment mainly provides banking services to private customers, including retail loan business, savings deposit business, credit card business and remittance business. The Treasury Business segment includes trading financial instruments, bond investment, bond repurchase and resale business, and inter-bank lending business.
Jiangsu Zhenjiang Rural Commercial Bank Co.,Ltd announced that it expects to receive CNY 1.05 billion in funding from Jiangsu Changshu Rural Commercial Bank Co., Ltd.