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Chinese Bank Seeks Capital
The Fujian Industrial Bank, a joint- stock bank in east China's Fujian Province, has just announced a plan to raise 1.5 billion yuan (about US$180 million) from home and abroad.
A source with the bank said the decision is aimed at doubling the bank's original registered capital of 1.5 billion yuan to 3 billion yuan.
The bank, established in 1988, has more than 200 branches and sub-branches across the country.
Total assets of the bank has maintained an annual growth rate of 36 percent over the past years to reach 49.2 billion yuan (about US$5.92 billion) in 1999, with profits accumulating to 3.9 billion yuan (about US$469 million).
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