Industrial and Commercial Bank of China Limited (SHA:601398, HKG:1398) (ICBC) announced that it has recently received approvals from the China Banking Regulatory Commission and from the People's Bank of China, pursuant to which approvals were granted to it to issue subordinated bonds in an amount not exceeding RMB20 billion in the China national interbank bond market.

At the first extraordinary general meeting of 2011 of ICBC held on 29 November 2011, the issue of subordinated bonds in a total amount not exceeding RMB70 billion by the bank by the end of 30 June 2012 was approved. The bank has issued subordinated bonds in an amount of RMB50 billion in the China national interbank bond market in December 2011.

Source:chinesestock.org