ICBC to issue $12.9b of preferred shares

ICBC’s plans to issue Rmb80 billion ($12.9 billion) worth of preferred shares should prepare the bank for expansion. Earliest issuance seen is fourth quarter.

Alison Tudor-Ackroyd

July 27, 2014

Industrial and Commercial Bank of China said it plans to issue preferred shares worth Rmb80 billion ($12.9 billion), becoming the latest Chinese bank to tap capital markets to meet tougher capital rules.

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