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China's ICBC says hopes to issue 35 billion yuan of preference shares
August 28, 2014 / 11:56 AM / 3 years ago

China's ICBC says hopes to issue 35 billion yuan of preference shares

BEIJING/HONG KONG, Aug 28 (Reuters) - 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 offshore tranches.

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)

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