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Shareholders ok China CITIC Bank to issue RMB 50 bln in bonds

Mar. 7, 2012 (China Knowledge) - China CITIC Bank Corp<601998><0998>, the listed banking unit of the nation's largest investment enterprise CITIC Group Corp, announced yesterday that it has obtained approval from its shareholders to issue up to RMB 50 billion of bonds.

The bank said earlier that it will issue RMB 30 billion of bonds that will have a maturity of up to 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 subordinate bonds with a maturity of at least five years to replenish its tier-2 capital.

At the end of last year, the lender's capital adequacy ratio was 12.83% and its core capital adequacy ratio was 10.43%, and both were above regulatory requirements.

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