China Construction Bank plans 20 bln yuan in Basel bonds to bolster capital

HONG KONG/BEIJING, March 31 Mon Mar 31, 2014 5:00am EDT

Related Topics

HONG KONG/BEIJING, March 31 (Reuters) - China Construction Bank Corp plans to issue 20 billion yuan in Basel III-compliant subordinate debt in the Chinese market to replenish tier-2 capital, the bank said in materials circulated at a press conference in Beijing on Monday.

The bank did not give a specific timeline for the debt sale.

The country's second biggest bank posted a 9.2 percent on-year rise in net profits for the final three months of 2013 on Sunday, becoming the third of China's four biggest banks to beat market forecasts.

Bank of China Ltd and Industrial and Commercial Bank of China Ltd , also beat estimates when they released their fourth quarter earnings last week, with China's banks showing resilience even as the country's economy slows. (Reporting by Hongmei Zhao in Hong Kong and Joy Leung in Beijing; Writing by Shanghai Newsroom; Editing by Gabriel Wildau)

FILED UNDER:
A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article