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Everbright Bank announces $1.29b in redeemed debt

By WU YIYAO in Shanghai | | Updated: 2013-07-16 16:20

China Everbright Bank said in a statement it had redeemed 8-billion-yuan ($1.29 billion) in subordinated debts, and insisted the redemption will not affect its plan for a Hong Kong listing.

Some reports said the bank needed to redeem about 10-billion-yuan in subordinated debt.

Some analysts believed this could have a negative influence on the lender's efforts to get listed in Hong Kong.

Shen Chunhua, spokesman for the bank, said the reports were not credible, according to a report by the National Business Daily on Tuesday.

China Everbright Bank's statement also said the lender's capital quality has met demands of regulators.

The bank launched its third attempt to get listed in Hong Kong in March after attempts in 2011 and in May last year.

The lender plans to raise between $1.5 billion and $2 billion to supplement its capital.

The China Banking Regulatory Commission approved in June the lender's application for an initial public offering in Hong Kong with a maximum of 12 billion shares.

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