Industrial & Commercial Bank of China (ICBC) may raise up to $11 billion through a debt issue over the next nine months, The Wall Street Journal reports. The Chinese lender has already raised $20 billion from the capital markets over the past two years.
ICBC will seek shareholder approval to issue the bonds, which will have a maturity of at least five years, by June 30. The bank will add the proceeds from its planned sale of subordinated bonds to its capital base.
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