ECM Exchange » capital adequacy http://ecmexchange.com IFR\'s coverage of ECM and equity linked markets Tue, 25 May 2010 11:38:59 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 CMB lines up rights http://ecmexchange.com/blog/2010/01/29/558/ http://ecmexchange.com/blog/2010/01/29/558/#comments Fri, 29 Jan 2010 11:40:38 +0000 owenwild http://ecmexchange.com/?p=558 China Merchants Bank is set to seek CSRC approval on its proposed rights issue on February 1. The lender plans to raise Rmb18bn–Rmb22bn (US$2.6bn–$3.2bn) through a rights issue on an up to 2.5-for-10 basis.

Proceeds will be used to improve its core capital adequacy ratio and to support the continuing development and growth of its business. The lender is planning to wrap up the offer in the first quarter.

CICC, Citic Securities, China Merchants Securities and Goldman Sachs Gao Hua Securities are working on the A-share tranche, while Bank of America Merrill Lynch, BNP Paribas, JP Morgan and UBS are bookrunners for the H-share portion. The H-share tranche is fully underwritten, but the A-share tranche is not.

]]> http://ecmexchange.com/blog/2010/01/29/558/feed/ 0