China Merchants Bank (600036.SHA, 3968.HKG), the nation’s sixth-largest lender, has raised US$4.5 billion (RMB27.5 billion) in the Shanghai portion of a rights offer, Bloomberg reported, citing a company filing on Wednesday. The Shenzhen-based lender said last month it planned to raise US$5.68 billion in Shanghai and Hong Kong. The sale will help Merchants Bank meet capital needs over five years, speed up growth and cope with growing competition from smaller rivals. Chinese lenders are raising capital as the regulator tightens capital rules and policy makers crack down on short-term financing.
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