Industrial and Commercial Bank of China ICBC has confirmed that it too will be opting for a rights issue of up to Rmb45 billion $6.6 billion instead of a follow-on share sale to the wider investment community, mirroring the plans by Bank of China BOC and China Construction Bank CCB.
The preference for a rights issue has been known in the market for some time, but hasn't been confirmed by ICBC until now.
The shift comes after Beijing expressed a wish not to have its holdings in the banks diluted. The government controls about 35.4% of ICBC through state-owned investment company Central Huajin Investment, which also owns 67.5% in BOC and 48.2% in...
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