Minsheng plans US$2.6 bl bond sale
(Shanghai Daily)Updated: 2007-06-18 13:18
China Minsheng Banking Corp, the nation's first privately
owned bank, plans to sell 20 billion yuan (US$2.6 billion) of bonds to boost
capital and finance loan growth.
The company will raise 8 billion yuan selling three-year fixed-rate bonds and will sell another 12 billion yuan of three-year and five-year floating-rate bonds, it said in a statement today, Bloomberg reported.
A capital shortage would cut into the bank's earnings by limiting loan growth and reducing interest income. Minsheng, founded a decade ago by 59 private corporate investors, expects loans to expand 19 percent to 532 billion yuan this year.
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