BEIJING/HONG KONG Aug 28 Industrial and
Commercial Bank of China (ICBC) could
issue up to 35 billion yuan ($5.7 billion) of overseas
preference shares within the year, the bank's Chairman Jiang
Jianqing said at a media conference in Beijing on Thursday.
The bank had previously mentioned plans to issue up to 80
billion yuan of preference shares, split between onshore and
ICBC, the country's largest bank, earlier reported its
lowest second-quarter profit growth in five years and an
increase in bad loans, affected by a slowing economy.
Chinese lenders are poised to raise a record $120 billion in
funds over the next two years to shore up their balance sheets
in the face of rising bad debts and to comply with stricter
global capital requirements known as the Basel III rules.
(1 US dollar = 6.1423 Chinese yuan)
(Reporting by Engen Tham in Shanghai and Xie Heng in Beijing;
Writing by Lawrence White in Hong Kong; Editing by David Holmes)