Shanghai Pudong Development Bank Co. Ltd.'s board approved an issuance of up to 50 billion yuan of perpetual bonds.
The approval is valid for 36 months and the company has the right to redeem some or all of the subordinate debt after five years of issuance.
The proceeds from the issuance will be used to replenish the company's Tier 1 capital.
As of Aug. 23, US$1 was equivalent to 7.09 Chinese yuan.
