Bank of China gets approval for $8.8 bn share sale

September 20th, 2010 by James

Bank of China gets approval for $8.8 bn share saleThe China Banking Regulatory Commission has granted approval to Bank of China for a 60 billion Yuan ($8.83 billion) share placement in Shanghai and Hong Kong.

This disclosure was made by Bank of China in a stock exchange filing on Thursday.

From in.news.yahoo.com:

China’s fourth-largest bank joined larger rivals including top lender Industrial and Commercial Bank of China to tap investors for billions of dollars of recapitalisation after a 2009 lending binge to support the government’s economic stimulus.

The approval was expected after the banking regulator tightened capital requirements on banks to pre-empt a rise in bad loans.

Last month, ICBC said the China Securities Regulatory Commission had approved its plan to issue up to 25 billion yuan ($3.68 billion) in convertible bonds in Shanghai.

ICBC is also planning to raise up to 45 billion Yuan ($6.6 billion) through a rights issue in Hong Kong and Shanghai.

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