CCB mandates six for rights issue

Sources say Bank of America Merrill Lynch, Credit Suisse and Morgan Stanley will be involved in the rights issue which may raise up to $11 billion.

China Construction Bank CCB has, according to sources, mandated six banks to help arrange a rights issue that it has earlier said could raise up to Rmb75 billion $11 billion as the cash calls by the Chinese banks gather pace.

The selection of banks comes after Agricultural Bank of China successfully raised $19.2 billion from its initial public offering and Bank of China announced earlier this month that its up to Rmb60 billion $8.8 billion rights issue will be launched after a general meeting on August 20 -- assuming it gets shareholder approval to proceed.

The sources said the international banks involved in the CCB rights issue will be Bank of America Merrill Lynch BAML...

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