The 18th meeting of the tenth board of directors of Bank Of Nanjing Co.,Ltd. has passed a resolution regarding a proposal for Jiangsu Communications Holdings Co., Ltd. to increase its shareholding in the bank to more than 15%.
According to an announcement from Bank Of Nanjing Co.,Ltd., under existing regulations including the "Interim Measures for the Administration of Commercial Bank Equity" and the "Catalogue and Format Requirements for Application Materials for Administrative Licensing Matters of Chinese-funded Commercial Banks," any investor, along with its connected parties and persons acting in concert, intending to initially acquire or cumulatively increase their stake to 5% or more of a commercial bank's total capital or shares must obtain prior approval from the National Financial Regulatory Administration or its local offices. Additionally, for any change in shareholders holding 5% or more of the total capital or shares of a Chinese-funded commercial bank, a resolution from the shareholders' meeting or board of directors approving the equity change must be submitted, along with the relevant resolutions and proposals.
As Jiangsu Communications Holdings Co., Ltd. is already a shareholder with more than a 10% stake, increasing its holding beyond 15% requires prior approval from the Jiangsu Local Bureau of the National Financial Regulatory Administration. In light of these regulations, the bank's board of directors has approved this proposed equity change. However, the matter still requires official approval from the regulatory authorities. The bank stated it will promptly fulfill its information disclosure obligations in accordance with relevant regulations and reminded investors to be aware of the associated investment risks.
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