Minsheng bond sale approved

China Minsheng Banking Corp's shareholders approved the lender's plan to sell as much as 5 billion yuan (US$730 million) of hybrid bonds to raise capital, the nation's first privately owned bank said in a statement to the Shanghai Stock Exchange yesterday.

The lender plans to sell bonds to help cover a shortfall of 10 billion yuan as the nation's regulator raises the minimum capital adequacy ratio.