Industrial Bank gets approval to issue more shares

China's securities watchdog has allowed Industrial Bank Company Limited to issue no more than 1.92 billion additional A shares to specific investors. The China Securities Regulatory Commission gave the approval on Monday, according to the bank's report filed to the Shanghai Stock Exchange. The bank planned to raise about 24 billion yuan (3.81 billion U.S. dollars) through issuing shares to five investors, including the People's Insurance Company (Group) of China (PICC), PICC Property and Casualty Company Limited (PICC P&C) and PICC Life Insurance Company Limited, the bank said in a previous report. The floating can help meet the lender's core capital demand in the coming two years, and the introduction of strategic investors can upgrade the bank's management standards, according to the bank.