Industrial Bank aimed to raise 25-26 billion yuan through the private share placement, and PICC would take up 70 percent of the offering as a strategic investor, the newspaper reported. It said Industrial Bank had selected PICC because the lender was seeking to enter the insurance business and expected the cooperation to bring synergy and cross-selling opportunities, the newspaper said, adding that BOC International (China) Ltd was underwriter for the share sale. Chinese banks have been replenishing capital in recent years amid rapid loan expansion and tighter capital requirements by regulators. The move is also part of a trend towards financial integration in which banks and insurers invest in each other's segments. Industrial Bank, 12.8 percent owned by Hong Kong's Hang Seng Bank Ltd, said on Wednesday that it was planning to introduce strategic investors, and that its shares would be suspended from trading pending an announcement.