Bank of Communications says to issue $2.45 bln offshore preference shares
Bank of Communications Co Ltd , China’s fifth largest commercial bank based on total assets, said it would issue $2.45 billion offshore preference shares to third party investors, to replenish capital and enhance competitiveness.
The proposed issue of 5.00 percent non-cumulative perpetual offshore preference shares will also drive transformation of its business and to enhance the capacity for sustainable development and risk resistance, while replenishing “additional Tier-1 Capital”, the bank said in a filing to the Hong Kong bourse early on Thursday.
Bank of Communications Co Ltd’s Hong Kong Branch, BOCOM International, Deutsche Bank, and The Hongkong and Shanghai Banking Corp Ltd are joint global coordinators of the issue.