BoCom Gets Approval to Sell $4 Billion of Subordinated Bonds
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Bank of Communications Co., China’s fifth-largest lender by market value, won regulatory approval to sell as much as 26 billion yuan ($4 billion) of subordinated bonds to bolster its capital.
The sale was approved by the China Banking Regulatory Commission and the People’s Bank of China, and is part of the lender’s plan to raise as much as 80 billion yuan in China by the end of this year, the bank said in a filing to the Hong Kong stock exchange yesterday. BoCom started the process, intended to improve its capital structure, with a 25 billion yuan sale in July 2009.