SHANGHAI, March 19 (Reuters) - Bank of China's plan for a $7 billion secondary offering of Hong Kong-listed H shares is in the last stages of preparation and may be finalised this week, the official Securities Times said on Friday, citing a bank official.
Bank of China has said it wants to issue new H-shares equal to 20 percent of its existing H-share capital to strengthen its balance sheet.
'If all goes well, the plan could be set within this week,' the paper quoted an official from Bank of China's headquarters who spoke on condition of anonymity as saying.
China's fourth-largest lender also has plans to issue up to 40 billion yuan ($5.86 billion) in convertible bonds, as many Chinese banks tap the capital markets for funds after a lending spree last year to support Beijing's economic stimulus left their capital ratios under pressure and fanned worries about bad loans.
($1=6.826 Yuan)
(Reporting by Edmund Klamann; Editing by Jonathan Hopfner)
((edmund.klamann@reuters.com; +86 21 6104 1799; Reuters Messaging: edmund.klamann.reuters.com@reuters.net)) Keywords: BANKOFCHINA/SHARES (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Bank of China has said it wants to issue new H-shares equal to 20 percent of its existing H-share capital to strengthen its balance sheet.
'If all goes well, the plan could be set within this week,' the paper quoted an official from Bank of China's headquarters who spoke on condition of anonymity as saying.
China's fourth-largest lender also has plans to issue up to 40 billion yuan ($5.86 billion) in convertible bonds, as many Chinese banks tap the capital markets for funds after a lending spree last year to support Beijing's economic stimulus left their capital ratios under pressure and fanned worries about bad loans.
($1=6.826 Yuan)
(Reporting by Edmund Klamann; Editing by Jonathan Hopfner)
((edmund.klamann@reuters.com; +86 21 6104 1799; Reuters Messaging: edmund.klamann.reuters.com@reuters.net)) Keywords: BANKOFCHINA/SHARES (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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