Moody's may upgrade Industrial and Commercial Bank of China

Moody's Investors Service said it put on review for upgrade Industrial and Commercial Bank of China's E+ bank financial strength rating.

The A2 long-term deposit and P-1 short-term deposit ratings, both with a positive outlook, are unaffected.

The review for upgrade reflects further progress achieved in the bank's restructuring and the introduction of strategic investors, which has strengthened the bank's capital position. In April, Goldman Sachs, American Express and Allianze Group invested $3.78 billion into the bank, equal to 8.45% of its capital base.

In addition, the bank is actively preparing for initial public offerings on the Hong Kong and Shanghai stock exchanges with targeted completions before the end of the year. The agency said the listings will further strengthen the bank's capital position.

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