- Agricultural Bank of China plans to raise up to 160 billion yuan, or $23.8 billion, through an A-share private placement.
- Industrial & Commercial Bank of China is targeting a separate 100 billion yuan A-share private placement.
- Both banks plan to use the proceeds to replenish core tier 1 capital; the Ministry of Finance will subscribe for 130 billion yuan of AgBank’s placement and 70 billion yuan of ICBC’s.
Quotes
“Both banks say they will use all the funds to replenish their core tier 1 capital.”