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ICBC to redeem US$2.94B, 12B yuan of preference shares

Industrial & Commercial Bank of China Ltd. will fully redeem redeem US$2.94 billion and 12 billion yuan of offshore preference shares it issued in 2014.

The shares will be redeemed Dec. 10, according to an Oct. 10 release.

The China Banking and Insurance Regulatory Commission has approved the redemption.

As of Oct. 10, US$1 was equivalent to 7.12 Chinese yuan.