Bank of Communications Co. (BoCom) has obtained regulatory approval for a $4 billion sale of subordinated bonds, Bloomberg reports. China’s fifth-largest lender by market value proposes to raise as much as $12 billion in the country by the end of 2011.
The China Banking Regulatory Commission and the People’s Bank of China accorded the clearance for the bond sale by the lender. BoCom had raised $3.92 billion in July 2009 as part of a process to boost its capital structure.
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