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WHOLESALE BANKING | Tony Chua, China
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CCB may complete $11.6bln rights issue in October

Rivals ICBC reported to conduct up to $6.63bln rights issue while BoC seeks approval from regulator.

China Construction Bank (CCB) may complete its 75 billion yuan ($11.6 billion) rights issue of A shares and H shares in October, reports 21st Century Business Herald, citing an informed source.

Previous reports by foreign media stated that CCB has already selected six investment banks as its underwriters, namely Merrill Lynch, CCB International, China International Capital Corporation, CITIC Securities, Credit Suisse, and Morgan Stanley.

CCB plans to issue 0.7 rights shares for every 10 A and 10 H shares held in a bid to raise up to 75 billion yuan ($11.6 billion) in order to replenish its working capital. Central Huijin Investment, its parent company, will fully subscribe to all the rights shares issued to it.

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