Shanghai Pudong Development Bank has obtained approval to raise up to 8.2 billion yuan (US$1.20 billion) in fixed interest securities.

In a statement Friday to the Shanghai Stock Exchange, the company said it will issue subordinated bonds in the interbank bond market, which has been approved by both the securities regulator and the central bank.

The capital to be raised through this bond issue will be part of the bank's supplementary capital as required in the relevant regulation on the capital adequacy ratio of commercial banks.

(China Daily December 19, 2008)