China's ICBC gets OK to issue up to RMB 38 billion subordinated bonds

By Marisa Wong

Madison, Wis., June 24 - Industrial and Commercial Bank of China Ltd. announced it received approval from the China Banking Regulatory Commission and the People's Bank of China to issue up to RMB 38 billion of subordinated bonds.

The bank said it had been granted prior approval at a shareholders meeting in October 2008 to issue up to RMB 100 billion of subordinated bonds in different series by the end of 2011.

Thus far the Beijing-based bank has issued a total of RMB 62 billion of bonds, of which RMB 40 billion was issued in 2009 and RMB 22 billion was issued in 2010.

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