Money

ICBC not delaying bond issue, eyeing Sept

(Agencies)
Updated: 2010-06-18 14:11

Industrial and Commercial Bank of China, the world's largest bank by market value, is sticking to its capital-raising plan, two sources close to the deal said on Friday.

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The sources, both with direct knowledge of the bank's intentions, said ICBC would issue 25 billion yuan ($3.7 billion) of convertible bonds by September. The deal could even come to market in August, they said.

The 21st Century Business Herald reported earlier that ICBC might delay the bond until next year.

An ICBC spokesman declined to comment on the report.

Major Chinese banks, including Bank of China and China Construction Bank, have all announced capital-raising plans to strengthen their balance sheets after massive lending in 2009.