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China Construction Bank Corp Bonds for capital boost
Source: Agencies |
January 17, 2009, Saturday
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Print Edition
Print Edition
CHINA Construction Bank Corp, the nation's second-largest lender, plans to raise as much as 80 billion yuan (US$11.7 billion) selling subordinated bonds to boost capital.
The bonds will be sold over the next two years to institutional investors on the nation's interbank market, the Beijing-based company said in a statement to the Hong Kong stock exchange yesterday. The sale is subject to approvals by the banking regulator and the central bank.
China is urging domestic lenders to strengthen capital and guard against credit risks as the world's third-largest economy cools. The average capital adequacy ratio for Chinese banks climbed to 8.4 percent in 2007, above the regulatory minimum for the first time. China Construction Bank's capital adequacy ratio stood at 12.1 percent at September 30, down 0.48 percentage point from the beginning of last year.
The bonds will be sold over the next two years to institutional investors on the nation's interbank market, the Beijing-based company said in a statement to the Hong Kong stock exchange yesterday. The sale is subject to approvals by the banking regulator and the central bank.
China is urging domestic lenders to strengthen capital and guard against credit risks as the world's third-largest economy cools. The average capital adequacy ratio for Chinese banks climbed to 8.4 percent in 2007, above the regulatory minimum for the first time. China Construction Bank's capital adequacy ratio stood at 12.1 percent at September 30, down 0.48 percentage point from the beginning of last year.
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