Bank of Communications to issue up to 90B yuan of perpetual bonds

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Bank of Communications Co. Ltd. plans to issue up to 90 billion yuan of perpetual bonds to boost its Tier 1 capital.

The notes may be issued in the domestic or overseas markets in equivalent foreign currencies, according to a Jan. 16 release.

The move is subject to shareholder approval, after which the resolution will be valid until Dec. 31, 2021.

As of Jan. 16, US$1 was equivalent to 6.88 Chinese yuan.