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China approves 287b yuan bank fundraising

By Yu Hongyan (chinadaily.com.cn)
Updated: 2010-05-13 11:06
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China's State Council, or Cabinet, has approved refinancing plans for the country's four State-owned listed banks to raise a combined 287 billion yuan ($42.04 billion), the National Business Daily reported today, citing unidentified sources.

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Two of the banks have already unveiled their fundraising plans, with Bank of Communication to raise 42 billion yuan through rights issues in Shanghai and Hong Kong, and China Construction Bank (CCB) to raise no more than 75 billion yuan.

Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC) are yet to release their fundraising size, but sources say BOC is to raise 100 billion yuan with ICBC to raise 70 billion yuan.

Both the BOC and ICBC are to sell A-share convertible bonds in Shanghai and offer H-share rights issues in Hong Kong, according to the paper.

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