BEIJING (Reuters) -Four of China's largest state-owned banks said on Sunday they plan to raise a combined 520 billion yuan ($71.60 billion) in private placements from investors, including the finance ministry,

Four of China’s biggest banks will raise a combined Rmb520bn ($72bn) through share sales to investors including the Ministry of Finance, as Beijing seeks to shore up its vast banking sector against pressing economic woes.

Four of China’s largest banks are planning to raise up to $71.6 billion via share sales under a finance ministry-led plan aimed at bolstering capital and beefing up lending to help boost the economy.