SINGAPORE, July 25 (Reuters) - Industrial and Commercial Bank of China Ltd (ICBC) , the country’s largest listed bank, said on Friday it plans to issue up to 80 billion yuan ($12.9 billion) worth of preference shares to shore up its capital.
ICBC’s board has given the green light for the lender to issue up to 45 billion yuan worth of preferred domestic shares and another 35 billion yuan worth of preferred shares in the overseas market, it said in a filing on the Shanghai stock exchange.
Other Chinese lenders, such as Agricultural Bank of China Ltd and Bank of China Ltd , said earlier this year they planned to issue preferred shares worth billions of dollars.
As growth slows and bad debts build up, China’s banks are rushing to replenish their balance sheets to meet new global capital rules known as Basel III.
The Chinese government has been rigorously enforcing these regulations in its efforts to ward off a financial crisis following a huge run-up in debt since 2008 and a marked slowdown in the economy. ($1 = 6.1913 Chinese Yuan) (Reporting by Lee Chyen Yee; Editing by David Holmes)