China Merchants Bank Co. Ltd. (3968.HK) Friday said it plans to sell US$1 billion worth of non-cumulative perpetual offshore preference shares.
China Merchants Bank has signed a subscription agreement with banks including CMB International Capital, HSBC, China Merchants Securities and Citigroup to manage the sale, according to an announcement to the Hong Kong Exchange.
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The perpetual securities will accrue dividend at a rate of 4.40% per annum. The proceeds will be used to boost the company's capital structure, China Merchants Bank said.
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(END) Dow Jones Newswires
October 19, 2017 20:23 ET (00:23 GMT)