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Zhongyuan Bank plans tier 2 instruments, offshore preference shares
By Marisa Wong
Morgantown, W.Va., Jan. 22 – China’s Zhongyuan Bank Co., Ltd. said it plans to issue up to RMB 10 billion of tier 2 capital instruments and up to RMB 10 billion of offshore preference shares.
The tier 2 instruments will have maturities of at least five years. Proceeds will be used to replenish tier 2 capital, enhance the bank’s capital adequacy ratio and support sustainable development of the bank.
The preference shares may be issued in currencies other than renminbi and will be mandatorily convertible in some cases. Proceeds will be used to replenish additional tier 1 capital.
The proposed issuances are subject to shareholder approval.
The commercial bank is based in Zhengzhou, China.
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