China's Bank of Communications board OKs up to 80 billion yuan bond offering

By Jennifer Chiou

New York, Feb. 6 - Bank of Communications Co. Ltd. announced that its board authorized an up to 80 billion yuan issue of bonds to be sold between 2009 and 2011.

Bonds will have a maturity of at least five years.

Shareholders will decide on the multiple-tranche offering at an upcoming meeting.

Proceeds will be used to improve the bank's intermediate and long-term equity-debt structure and support the development of the new business of intermediate and long-term asset management.

The bank is a Shanghai-based retail and commercial bank.

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