Money
China Construction Bank to issue $12b bonds
Updated: 2011-06-13 15:22
(Xinhua)
BEIJING -- China Construction Bank, China's second largest lender, said Monday that it plans to issue up to 80 billion yuan ($12.33 billion) in subordinated bonds with a duration of no less than five years.
According to the statement, the funds raised will be used to replenish the bank's capital.
The bank said in a separate statement that it will set up a wholly-owned commercial bank with capital investment of $100 million in Brazil's Sao Paulo.
At the end of the first quarter of this year, the bank's capital adequacy ratio stood at 12.45 percent while its core capital adequacy ratio was 10.33 percent.
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