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Updated Friday, July 30, 2010 11:36 am TWN, AFP

China's ICBC unveils rights issue which could raise up to US$6.6 bil.

SHANGHAI -- Industrial and Commercial Bank of China said it plans to raise up to 45 billion yuan (US$6.6 billion) via a rights issue in Shanghai and Hong Kong. The announcement late Wednesday makes ICBC the latest Chinese bank to seek to raise money from investors to strengthen its capital base, after a lending binge last year fuelled concerns over a possible new crop of bad loans.

ICBC, China's largest bank by assets, will allow existing shareholders to buy 0.6 new shares for each 10 they hold, said a statement filed with the Shanghai Stock Exchange.

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