Bank Of Ningbo to issue bonds worth 8B Yuan

Eight billion yuan worth of financial bonds with maturities of up to 10 years will be issued by the Bank of Ningbo.

The proceeds raised will be used to support lending to micro enterprises and for its personal loan business, reports caijing.com.cn, citing a company filing.

At present, China Minsheng Banking Corporation, Shanghai Pudong Development Bank, and Industrial Bank had won approval to issue a total of 10 billion yuan worth of bonds to support lending to micro enterprises.

Through the end of September, the bank had a deposit to loan ratio of 65.52 percent.

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