China's ICBC board OKs up to RMB 60 billion of tier 2 instruments

By Marisa Wong

Madison, Wis., Jan. 15 - Industrial and Commercial Bank of China Ltd.'s board of directors approved at a meeting held on Jan. 15 the proposed issue of up to RMB 60 billion of tier 2 capital instruments with write-down feature.

The instruments are to have maturities of at least five years.

The Beijing-based bank has until Dec. 31, 2014 to issue the tier 2 securities.

The proposal is still subject to shareholders' approval.

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