China's ICBC gets approval for RMB 20 billion of subordinated bonds

By Marisa Wong

Madison, Wis., June 5 - Industrial and Commercial Bank of China Ltd. said it recently received approval from the China Banking Regulatory Commission to issue up to RMB 20 billion of subordinated bonds in China's interbank bond market.

The Beijing-based bank announced in September 2011 that it planned to issue up to RMB 70 billion of subordinated bonds by the end of June. The bank previously issued RMB 50 billion of 5½% subordinated bonds in December.

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