Bank of China plans to sell RMB 32 billion, $6.5 billion of preferreds

By Susanna Moon

Chicago, Aug. 18 – Bank of China Ltd. said it applied for regulatory approval last Friday to issue up to 600 million preference shares that qualify as alternative tier-1 capital instruments.

The bank plans to issue up to 320 million preference shares in 2014, raising up to RMB 32 billion, according to a company announcement.

The Beijing-based bank also plans to apply for the offshore non-public issue of up to 400 million preference shares, par of RMB 100 each, that comply with the qualification standards of alternative tier-1 capital instruments, raising up to $6.5 billion or equivalent in foreign currencies.

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