Industrial & Commercial Bank of China, the largest lender by market capitalisation, yesterday announced plans to raise fresh capital to shore up its balance sheet following a state-directed lending spree last year.
ICBC will sell up to Rmb25bn ($3.7bn) of convertible bonds and seek shareholder approval to sell new shares in Hong Kong and Shanghai to maintain its capital adequacy ratio above 12 per cent, Jiang Jianqing, chairman, said.
Most large Chinese lenders, including Bank of China and Bank of Communications, have announced plans to raise fresh capital through the stock and bond markets.
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