Agricultural Bank of China board OKs up to RMB 50 billion tier 2 debt

By Marisa Wong

Madison, Wis., June 18 - Agricultural Bank of China Ltd.'s board of directors voted unanimously in favor of a resolution to issue up to RMB 50 billion of tier 2 capital instruments, according to a bank announcement.

The instruments will have a tenor of at least five years.

The bank intends to use proceeds from the issuance to replenish tier 2 capital and increase its capital adequacy ratio.

The board's approval is valid until Dec. 31, 2015.

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

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