ICBC to raise up to $6.6 bln in rights offer

HONG KONG, July 28 (Reuters) - Industrial & Commercial Bank of China (1398.HK) (601398.SS), the world's most valuable bank, plans to raise up to 45 billion yuan ($6.64 billion) through a rights offer, the company said on Wednesday.

The bank proposed a 0.6-for-10 rights issue to existing shareholders, ICBC said in a statement to the Shanghai stock exchange.

The move by ICBC is the latest in a series of massive fundraising plans by Chinese lenders to shore up their capital base.

(Reporting by Sui-Lee Wee and Kelvin Soh, Editing by Erica Billingham)