Banking News
- Huaxia Bank wins nod to sell bonds
Date: 22-Jun-2007 Sources: (Shenzhen Daily)
SHANGHAI-LISTED Huaxia Bank Co. said Thursday it received regulatory approval to issue up to 4 billion yuan (US$526.32 million) worth of hybrid bonds on the interbank market.
The bank, in which Deutsche Bank AG has a stake, said the China Banking Regulatory Commission and the People's Bank of China have given the go-ahead for the issuance. The fixed-rate hybrid bonds, which could be counted toward Huaxia Bank's subordinated capital, will have a maturity of 15 years, the lender said in December, adding it has an option to buy back the bonds in the 10th year. But it didn't provide the schedule for the sale. Deutsche Bank AG, Deutsche Bank Luxembourg SA and Sal Oppenheim Jr & Cie. acquired a combined 13.98 percent stake in Huaxia Bank in May 2006.
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