Minsheng's financing plan awaiting approval

BEIJING - Senior executives of China Minsheng Banking Corp (CMBC), a major private lender in domestic market, said on Tuesday that its financing plan released in February will cover the bank's capital requirements for the next two and a half years.

"We are awaiting regulators' final approval to replenish capital," Zhao Pinzhang, vice-president of CMBC, said at a news conference held in Beijing.

According to the financing plan, the bank hopes to raise about 29 billion yuan ($4.53 billion) by selling 20 billion yuan in convertible notes on the A-share market and selling 9 billion yuan in shares on the Hong Kong stock market.