September 5, 2014 / 11:07 AM / in 3 years

ICBC mulling the issue of RMB preference shares in Hong Kong

SHANGHAI, Sept 5 (Reuters) - Industrial and Commercial Bank of China Ltd (ICBC) , the country’s largest listed bank, said on Friday it is mulling the issue of renminbi-denominated preference shares in Hong Kong.

ICBC plans to leave proceeds of the issue in Hong Kong to meet the overseas renminbi financing needs of domestic enterprises, Yi Huiman, president of the bank said at a press conference held by the Shanghai stock exchange on Friday.

He added that the plan had been submitted to regulators, without elaborating.

ICBC also said it plans to issue up to 45 billion yuan ($7.33 billion) of domestic preference shares next year.

While the bank had already said in early August it would issue shares up to this value, but had not previously said when it was planning the sale.

China’s banks have been on a fund raising spree in recent months to top-up capital as the economy shows signs of slowing. (1 US dollar = 6.1400 Chinese yuan) (Reporting by Shanghai Newsroom; Editing by Simon Cameron-Moore)

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