Agricultural Bank of China Plans to Raise $12 Billion Over Three Years
Agricultural Bank of China said it will sell as much as 80 billion yuan ($12 billion) of Tier-2 securities over the next three years. This announcement came after it inched out a 0.5% increase in second quarter profit from a year ago and China Citic Bank Corp., on Thursday announced plans to raise as much as 40 billion yuan by selling convertible bonds.
“Agricultural Bank of China said it will sell as much as 80 billion yuan ($12 billion) of Tier-2 securities over the next three years.”
China lenders are grappling with their weakest profit growth in more than a decade and a pileup of bad debt after flooding the financial system with cheap credit for years.
Related Reports: Bloomberg
About Agricultural Bank of China
The predecessor of the Bank is Agricultural Cooperative Bank, established in 1951. Since the late 1970s, the Bank has evolved from a state-owned specialized bank to a wholly state-owned commercial bank and subsequently a state-controlled commercial bank. The Bank was restructured into a joint stock limited liability company in January 2009. In July 2010, the Bank was listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, which marked the completion of our transformation into a public shareholding commercial bank.
Visit: Agricultural Bank of China
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