CCB to issue US$12.9bn offshore, onshore pref shares

SINGAPORE, Dec 15 (IFR) -China Construction Bank Corporation said its board had approved a proposal to sell up to Rmb80bn (US$12.9bn) in preference shares. It will sell up to Rmb60bn onshore and up to Rmb20bn offshore.

Chinese banks have been selling preference shares to raise Additional Tier 1 capital, with successful offshore offerings from Bank of China and ICBC so far. China Minsheng Banking Corporation is also expected to sell offshore pref shares early next year. (Reporting by Daniel Stanton, editing by Dharsan Singh)