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Banks announced $57.3 billion in refinancing

2013-12-25 11:02 chinadaily.com.cn Web Editor: qindexing
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Ten banks announced a 348.2 billion yuan ($57.3 billion) refinancing plan this year, reflecting the pressure on capital flow in the banking industry, Beijing-based Securities Daily reported.

China Minsheng Banking Co Ltd, Industrial Banking Co Ltd, Bank of Chongqing Co Ltd, Huishang Bank Co Ltd, and China Everbright Bank Co Ltd were some of the banks to complete refinancing.

More than 200 billion yuan of refinancing was generated by subordinated debt, relieving the capital crunch of many commercial banks.

Industrial and Commercial Bank of China Ltd announced in January that it would issue no more than 60 billion yuan of subordinated debt before the end of 2014.

Bank of China Ltd issued 60 billion yuan in overseas subordinated debt in July.

China Everbright Bank gained approval to issue no more than 16.2 billion yuan's subordinated debt in September.

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