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March 27, 2008 |
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BANK OF COMMUNICATION: Seeks to Raise CNY5 Bil. by Selling Bonds Bank of Communications Co., Ltd., said on March 19, 2008, that it planned to sell renminbi-denominated bonds in Hong Kong, in a bid to raise CNY5 billion. These bonds will have a term of one to three years, which relies on market interest rates and investors' preference. They will have a fixed interest rate that is to be determined by a book- building exercise. The bank is set to sell the bonds to institutional investors and individual investors in Hong Kong. It intends to use the raised proceeds to make lending and fuel its working capital. The lender expected that the issue would help enhance its operating capacity, improve its asset-liability structure, and fuel its further business development. The Shanghai-based lender is the fifth largest bank in China by assets. The company said on March 20 that it netted profits of CNY20.274 billion in 2007, 65.18% from a year ago, and gained earnings per share of CNY 0.42, rising 55.45%. Bank of Communications Bank of Communications Co Ltd -- http://www.bankcomm.com/ -- is a commercial bank in the People's Republic of China. As of December 31, 2005, the bank had 137 branches and sub-branches, in addition, to over 2,600 business outlets in China. It also has its branches in Hong Kong, New York, Tokyo, Singapore and Seoul. The bank's business is divided into four segments: corporate banking, retail banking, treasury and others. Its corporate banking business provides products and services to the corporate customers, such as loans, deposits, bill discounting, trade finance, fund custody and guarantees. The retail banking business provides retail banking products and services to its retail customers, such as deposits, mortgage loans, debit cards, credit cards, wealth management and foreign exchange trading services. The treasury operations include inter-bank money market transactions, foreign exchange trading and government, and finance bond trading and investment. The bank carries Fitch Rating's 'D' individual rating effective on November 21, 2005. On May 4, 2007, as part of the application of its refined joint default analysis and updated bank financial strength rating methodologies, Moody's Investors Service affirmed Bank of Communications' D Bank Financial Strength Rating. |
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