China's ICBC plans to issue up to RMB 70 billion subordinated bonds

By Marisa Wong

Madison, Wis., Sept. 27 - Industrial and Commercial Bank of China Ltd. announced that its board of directors approved the planned issuance of up to RMB 70 billion of subordinated bonds at a meeting on Monday.

The bonds will have maturities of five years or longer.

The proposed issue is subject to shareholder approval at the next general meeting. The approval, if granted, would be valid until June 30, 2012.

The bank is based in Beijing.

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