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China Everbright Bank to issue RMB 30 bln bonds

Mar. 9, 2012 (China Knowledge) - China Everbright Bank Co Ltd<601818>, the banking unit of state-owned China Everbright Group, yesterday said it had obtained approval from China Banking Regulatory Commission to issue up to RMB 30 billion or US$4.75 billion worth of bonds.

Proceeds from the issue will be used for loans to Chinese small and medium-sized enterprises.

The lender has also received approval to issue RMB 6.7 billion of subordinate bonds, said China Everbright Bank without disclosing details. But the issue still awaits approval from the People's Bank of China, the central bank.

The Shanghai-listed bank has been given the green light from the mainland regulator to revive its initial public offering in Hong Kong, sources reported.

Chairman Tang Shuangning yesterday noted that we are still on the lookout for a proper time for the IPO.

Last July, the lender announced plans to raise HK$46.8 billion via the IPO but then halved the size, and finally postponed the IPO due to volatile capital market.

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