Agricultural Bank of China plans to issue up to RMB 50 billion bonds

By Marisa Wong

Madison, Wis., Aug. 29 - 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.

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

The board's approval is valid for 24 months.

The bonds are still subject to shareholders' approval at an upcoming general meeting.

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

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