SHANGHAI - China Everbright Bank's plan to raise up to $2.9 billion in a Shanghai IPO has been approved by the securities regulator, two sources said, in what will be the latest Chinese bank to try and tap markets for funds.

Everbright Bank, China's 11th biggest bank by assets, would sell up to 6.1 billion shares in the initial public offering, said the sources. Both had direct knowledge of the matter but spoke on condition of anonymity because they were not authorized to comment publicly.

The China Securities Regulatory Commission gave the nod to the IPO on Monday, the sources said.