China’s ICBC and ABC to raise up to 160B yuan each from state investors

TREE NEWS update: On September 6, Agricultural Bank of China (ABC) and Industrial and Commercial Bank of China (ICBC) announced plans to raise up to 160 billion yuan and 100 billion yuan respectively via private A-share placements. Both issues are directed at China’s Ministry of Finance and China Tobacco总公司及其子公司, with proceeds fully used to replenish core Tier-1 capital. The placements are subject to regulatory approval.