ICBC signs debt-for-equity swap with Jindong

Industrial and Commercial Bank of China (ICBC), the country's biggest lender, said on Monday it has agreed to conduct a 5 billion yuan ($720 million) debt-for-equity swap with cement producer Jindong Development Group.

The bank will use a limited partnership fund to make a 2.5 billion yuan investment in Jindong in the first phase of the swap, ICBC said in a statement.

Jindong, headquartered in Hebei province, is one of China's biggest construction materials companies. Its controlling shareholder is State-owned BBMG Corp.