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BIZCHINA> Top Biz News
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CCB to raise 30b yuan via bonds
By Yang Zhen (China Daily)
Updated: 2009-02-18 08:09 China Construction Bank (CCB) is planning to issue 30 billion yuan worth of subordinated bonds between Feb 24 and March 2 to improve its capital adequacy ratio, the lender said in a statement yesterday.
China's banking regulator and the central bank have already cleared the CCB proposal. "Chinese banks need to replenish capital after record-breaking loan growth in recent months," said Zhang Jing, analyst, Minzu Secuities. Commercial banks in China issued a record 1.62 trillion yuan of new loans in January, according to figures from the nation's central bank. Lending by Chinese banks has surged since the government lifted quotas on annual lending by banks in November 2008. Zhang predicted that Chinese banks would issue 5 trillion yuan worth of new loans this year. Soaring loan growth and higher capital adequacy ratio requirements have prompted Chinese banks to shore up capital through bond issues. Bank of Communications, a mid-sized lender based in Shanghai, said its board approved a plan to issue up to 30 billion yuan of subordinated bonds this year. The Industrial and Commercial Bank of China also said its board has approved a plan to sell up to 100 billion yuan of subordinated bonds through the end of 2011. (For more biz stories, please visit Industries)
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