ICBC Is Latest Chinese Bank To Announce Big Capital Raise

Chinese banks, the health of which is being hotly debated around the world, have been on something of a cash-raising binge.

ICBC is the latest.

Bloomberg:

Industrial and Commercial Bank of China Ltd., the world’s biggest lender by market value, said it will raise up to 45 billion yuan ($6.6 billion) in a rights offer to replenish capital.

The bank will sell up to 0.6 shares for every 10 held, or as many as 15.06 billion shares in Shanghai and 4.98 billion in Hong Kong, according to a statement to the Shanghai stock exchange yesterday. The offer is subject to regulatory and shareholder approval, the bank said.

The Shanghai composite, this morning, is up modestly.

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Photo: Bloomberg.com

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