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China CITIC Bank plans to issue RMB 50 bln bonds

Jan. 18, 2012 (China Knowledge) - China CITIC Bank Corp<601998><0998>, the listed banking unit of the nation's largest investment enterprise CITIC Group, announced yesterday that it plans to issue RMB 50 billion of bonds to boost its capital base and support loans for small businesses .

The bank said in a statement filed with the Shanghai Stock Exchange that it will issue RMB 30 billion of financial bonds that will have a maturity of five years. Proceeds from the deal will be used for loans to small businesses.

In addition, the lender will float RMB 20 billion worth of five-year subordinate bonds to replenish its tier-2 capital.

China Merchants Bank<600036><3968>, the nation's sixth-largest bank by assets, also said that it has received approval from the China Banking Regulatory Commission and the People's Bank of China to issue up to RMB 20 billion in financial bonds.

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