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Agricultural Bank of China plans to issue up to RMB 50 billion bonds
By Marisa Wong
Madison, Wis., Jan. 6 - The Agricultural Bank of China Ltd.'s board of directors voted unanimously in favor of a resolution to issue up to RMB 50 billion of subordinated bonds, according to a bank announcement.
Proceeds would be used to increase the supplementary capital and capital adequacy ratio of the bank.
The bond issue is subject to shareholders' approval at a meeting to be held on March 2.
Based in Beijing, the commercial bank has branches in mainland China, Hong Kong and Singapore.
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