China’s ICBC gets OK to issue up to RMB 35 billion offshore preferreds

By Marisa Wong

Madison, Wis., Nov. 7 – Industrial and Commercial Bank of China Ltd. announced it received approval from the China Banking Regulatory Commission to issue up to 350 million offshore preference shares for proceeds of no more than RMB 35 billion or its equivalent in foreign currencies.

The preference shares will be counted as the bank’s additional tier 1 capital.

The bank is based in Beijing.

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