Bank to sell bonds
By Zhang Fengming |
March 30, 2011, Wednesday
|
Print Edition
Print Edition
FUJIAN-BASED Industrial Bank said it plans to raise up to 50 billion yuan (US$7.6 billion) by selling bonds in Shanghai or Hong Kong to fund expansion.
The lender, 13 percent owned by Hang Seng Bank Ltd, said the yuan bonds would have a maturity of up to 10 years.
The bank will use the proceeds to acquire assets, and also plans to increase its stake in Union Trust Ltd by 4.9 percent to a total of 56.08 percent.
The Industrial Bank said its net profit in 2010 jumped nearly 40 percent year on year to 18.5 billion yuan on loan expansion.
The lender, 13 percent owned by Hang Seng Bank Ltd, said the yuan bonds would have a maturity of up to 10 years.
The bank will use the proceeds to acquire assets, and also plans to increase its stake in Union Trust Ltd by 4.9 percent to a total of 56.08 percent.
The Industrial Bank said its net profit in 2010 jumped nearly 40 percent year on year to 18.5 billion yuan on loan expansion.
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