Agricultural Bank of China closer to issuing subordinated bonds

By Marisa Wong

Madison, Wis., Dec. 11 - Agricultural Bank of China Ltd. said it recently received approval from the China Banking Regulatory Commission to issue up to RMB 50 billion of subordinated bonds in China's interbank bond market.

The bank previously announced that the bonds will have a term of at least five years.

The bank intends to use proceeds from the issuance to replenish supplementary capital and increase its capital adequacy ratio.

The bank's board approved the proposed bonds on Aug. 29, and shareholders gave their approval at a general meeting held on Oct. 29.

Based in Beijing, the commercial bank has branches in mainland China, Hong Kong and Singapore.

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