ICBC gets approval for up to RMB 22 billion of subordinated bonds

By Marisa Wong

Madison, Wis., Sept. 7 - Industrial and Commercial Bank of China Ltd. announced that it received approval on Sept. 6 from the People's Bank of China to issue up to RMB 22 billion of subordinated bonds.

In October 2008, the bank received approval to issue up to RMB 100 billion of subordinated bonds in different series by the end of 2011.

The current issue of subordinated bonds will be made on a revolving basis and will be used to substitute for the redeemed portion of the bank's subordinated bonds issued in 2005.

The bank is based in Beijing.

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