China's biggest state banks to raise $71.6 billion in private placements

Reuters03-30

BEIJING, March 30 (Reuters) - China's four largest state-owned banks plan to raise a combined 520 billion yuan ($71.60 billion) through A-share private placements, with the Chinese finance ministry involved in all four deals, stock exchange filings on Sunday showed.

Bank of China 601988.SS aims to raise up to 165 billion yuan and China Construction Bank 601939.SS 105 billion yuan. Bank of Communications 601328.SS is seeking as much as 120 billion yuan, and Postal Savings Bank of China601658.SS intends to raise 130 billion yuan.

($1 = 7.2628 Chinese yuan renminbi)

(Reporting by Ethan Wang and Ryan Woo; Editing by Kate Mayberry)

((Ethan.Wang@thomsonreuters.com;))

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