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Name | Symbol | Market | Type |
---|---|---|---|
Bank of Communications Company Ltd (PK) | USOTC:BCMXY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.83 | 17.30 | 18.63 | 2 | 21:04:24 |
HSBC Holdings PLC (HBC), which owns a 19% stake in China's Bank of Communications Co. (3328.HK), has endorsed a plan to invest in Bocom's proposed rights issue, a senior Bocom executive said Thursday.
HSBC's board approved the plan to "fully participate" in the Chinese lender's upcoming rights issue in both Shanghai and Hong Kong, Yu Yali, Bocom's chief financial officer, said at a press conference.
Bocom, which is China's fifth-largest lender by assets, gained approval from shareholders and the country's banking regulator earlier this month for a CNY42 billion rights issue to shore up its capital after a credit boom last year.
The proposed fund-raising will enable the bank to keep a capital-adequacy ratio of at least 12% in the coming four years. China requires its five biggest lenders to have a minimum capital adequacy ratio of 11%.
As of March 31, Bocom's capital adequacy ratio slipped to 11.73% from 12% at the end of 2009.
Based on its 19% ownership, HSBC is expected to spend a maximum of around CNY7.98 billion if it fully takes part in Bocom's rights issue in Shanghai and Hong Kong.
Bocom said earlier Thursday its first-quarter net profit jumped 31% on year to CNY10.45 billion, boosted by higher interest income and fee-based revenue.
-Wang Ming and Shen Hong contributed to this article, Dow Jones Newswires; 86-21-6120-1200; hong.shen@dowjones.com
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1 Month Bank of Communications (PK) Chart |
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