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.

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.

¬ Haymarket Media Limited. All rights reserved.

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