China's Bank of Communications plans RMB 40 billion tier 2 instruments

By Marisa Wong

Madison, Wis., Jan. 21 - Bank of Communications Co., Ltd. plans to issue up to RMB 40 billion of tier 2 capital instruments with write-down feature, according to a company announcement.

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

Proceeds will be used to replenish the bank's tier 2 capital.

The proposed issuance is subject to shareholders' approval at an upcoming extraordinary general meeting.

Bank of Communications is based in Shanghai.

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