China Everbright Bank on Thursday said it would receive a Rmb20bn ($2.6bn) cash injection from the government as the final round of bail-outs for the country’s banking system begins, almost a decade after the sector was crippled by widespread defaults on state-directed loans.

Everbright will follow the restructuring model of larger competitors such as Bank of China and Industrial and Commercial Bank of China by introducing at least one foreign strategic investor and selling shares to the public, most likely in Shanghai and Hong Kong.