Money

ICBC plans 22b yuan in sub debt

(Agencies)
Updated: 2010-07-01 16:16
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BEIJING: Industrial & Commercial Bank of China (ICBC) plans to issue about 22 billion yuan ($3.24 billion) worth of subordinated bonds to maintain its Tier-2 capital, two sources familiar with the matter said on Thursday.

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ICBC, the world's most valuable bank, has hired CITIC Securities, Credit Suisse's China joint venture and China International Capital Corp to handle the issue, the sources told Reuters.

The bond will in effect replace a similar issue that was sold in 2005 and matures next month, they said.