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China CITIC Bank plans to issue RMB 20 bln in subordinate bonds

Jun. 5, 2012 (China Knowledge) - China CITIC Bank Corp<601998><0998>, the listed banking unit of the nation's largest investment enterprise CITIC Group Corp, plans to issue RMB 20 billion of subordinate bonds in the near future to replenish its tier-2 capital, sources reported.

The bonds will have a maturity of at least five years, according to the report.

Dagong Global Credit Rating Co has rated the issuer and bonds AAA and AAA, respectively.

China CITIC Bank's capital adequacy ratio had risen 0.12 percentage points to 12.39% and its core capital adequacy ratio had increased 0.03 percentage points to 9.94% at the end of the first quarter.

The bank's net profit grew 31.64% YoY to RMB 8.56 billion in the first quarter of this year.

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