HONG KONG (Dow Jones)–Bank of China Ltd. (3988.HK) has picked five banks to underwrite its US$6 billion sale of Hong Kong-listed shares, a person familiar with the deal said Tuesday, moving a step closer to bulking up its capital base after an explosion in lending last year.
The person said the five banks are BOC International Holdings Ltd., the investment banking unit of Bank of China; Bank of America Merrill Lynch; CCB International Holdings Ltd.; Credit Suisse Group (CS) and ICBC International Holdings Ltd.
The fundraising plans are part of the bank’s efforts to maintain a capital-adequacy ratio of at least 11.5% between 2010 and 2012.
In late March, Bank of China’s shareholders approved its plan to issue up to CNY40 billion (US$5.86 billion) worth of bonds that are convertible into yuan-denominated A shares, and gave it a mandate to sell new shares amounting to up to 20% of its existing Hong Kong- and Shanghai-listed shares.
State-controlled Bank of China capitalized on Beijing’s easy monetary policy to increase its share of the domestic credit market, as its overseas business, which is larger than that of other Chinese lenders, had been a drag on its earnings during the global financial crisis.
Late last month, the bank said it extended CNY1.17 trillion worth of new yuan loans in 2009, increasing its outstanding yuan loans 50% from the end of 2008.
But the lending growth eroded the bank’s capital base, as it did many of its peers.
Bank of China’s capital-adequacy ratio, which governs the minimum amount banks must hold against risky assets, dropped to 11.14% at the end of last year from 13.43% at the end of 2008.
By Nisha Gopalan, Dow Jones
Tags: banks, China, Dow Jones Industrial, financial crisis, Global Economy, Global Recession, us economic, wall street
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