China’s Bank of Communications gets OK for RMB 30 billion tier 2 bonds

By Marisa Wong

Morgantown, W.Va., Dec. 8 – Bank of Communications Co., Ltd. said it recently obtained regulatory approval to issue up to RMB 30 billion of tier 2 capital bonds.

Shareholders had approved the proposed issuance in June.

The instruments will have a maturity of at least five years, as initially announced in May.

Proceeds will be used to replenish the bank’s tier 2 capital, optimize its capital structure and promote steady business development.

Bank of Communications is based in Shanghai.

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