The world’s largest bank in terms of assets has obtained approval from China’s banking regulatory for a new issuance of preferred shares.
The China Banking and Insurance Regulatory Commission (CBIRC) has greenlighted the issuance of no more than 700 million preferred shares by Industrial and Commercial Bank of China (ICBC) according to a statement filed by the lender with the Shanghai Stock Exchange.
According to state-owned media the issuance will see ICBC raise up to 70 billion yuan (approx. $10.4 billion) in funds.
ICBC’s non-performing loan ratio saw a modest decline in 2018, standing at 1.52% as of the end of last year for a YoY decline of 0.03 percentage points.