ICBC Plans to Raise as Much as $12.9 Billion in Capital
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Industrial & Commercial Bank of China Ltd., the nation’s largest lender by market value, is seeking to raise as much as 80 billion yuan ($12.9 billion) selling preferred stock in China and offshore, it said in a Shanghai stock exchange statement yesterday.
Its board approved a plan to sell as many as 450 million preferred shares through private transactions on the mainland and no more than 350 million preferred shares offshore, the Beijing-based lender said in the statement. The bank plans to replenish its capital by the share sales, it said.