Economy

ICBC plans 45 billion yuan rights issue

(Xinhua)
Updated: 2010-07-29 01:41

BEIJING - Industrial and Commercial Bank of China, China's largest lender, said Wednesday it has decided to offer a rights issue to raise up to 45 billion yuan (6.65 billion U.S. dollars) on the Shanghai and Hong Kong exchanges.

The bank planned a 0.6-for-10 rights issue to existing shareholders, said a statement filed with the Shanghai Stock Exchange.

Excluding the costs of the issue, the money raised will be used to replenish the bank's capital base, the statement said.

The bank's core capital adequacy ratio is 9.58 percent and capital adequacy ratio is 11.98 percent.

The rights offer awaits approval from shareholders and relevant institutions, said the statement.