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CCB plans $2.9b sub bond issue
(China Daily/Agencies)
Updated: 2009-12-11 07:56
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China Construction Bank Corp (CCB), the country's second largest lender, plans to sell 20 billion yuan ($2.9 billion) of subordinated bonds by year-end to replenish capital, according to a person familiar with the matter.
The Beijing-based bank hasn't decided on the final date for a sale, said the person, declining to be identified because he's not authorized to speak to the media about it.
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Chinese lenders, under government pressure to finance part of the nation's 4-trillion-yuan stimulus plan, are raising capital to meet loan demand and take advantage of lower interest rates. The five largest lenders submitted plans recently to regulators for raising money, said sources.
CCB won approval from the China Banking Regulatory Commission earlier this year to sell 40 billion yuan of subordinated debt, and raised 20 billion yuan in July.
