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| Thursday, December 04, 2008 00:23:20 |
Huaxia Bank plans to issue 17 billion bond
Hua Xia Bank Co. plans to issue as much as 17 billion yuan of debt in the near future to boost its capital adequacy, The Wall Street Journal reported.
The issuance, including subordinated and financial bonds, will be aimed at keeping the midsize lender's capital adequacy above the regulatory requirement of 8% and will be carried out quickly after regulatory approval is received, said the paper, quoted Zhao Jingxue, Hua Xia Bank's board secretary, as saying.
The bank has been seeking to boost its capital to allow for expansion. The debt issuance and the foreign equity investment completed in May should help achieve that.
Deutsche Bank is a strategic investor in Huaxia Bank.
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