ICBC to raise 100 bln yuan of sub debt by 2011

HONG KONG, Aug 22 (Reuters) - Industrial & Commercial Bank of China Ltd (ICBC) (1398.HK), plans to sell as much as 100 billion yuan ($14.60 billion) of subordinated bonds by 2011, the world's biggest bank by market value said late on Thursday.

In a statement to the Hong Kong Stock Exchange, ICBC (601398.SS) said it would seek approval from shareholders on Oct. 27 to sell the bonds in stages with an aim to increase the supplementary capital.

It did not say how it would use the proceeds.

The bank on Thursday posted a 41 percent increase in second-quarter profit, buoyed by widening interest margins and fee income growth.[ID:nHKG266555] (US$1=HK$7.8=6.848 yuan) (Reporting by Donny Kwok; Editing by Keiron Henderson)