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ICBC to inject US$1B of capital into Hong Kong subsidiary

The board of Industrial & Commercial Bank of China Ltd. approved a capital injection of US$1 billion into its Hong Kong-based subsidiary, Industrial & Commercial Bank of China (Asia) Ltd.

The bank said it is injecting capital into the unit to comply with regulatory requirements in respect of capital adequacy, as well as to improve the market position and competitiveness of the bank in Hong Kong.

The capital injection is subject to regulatory approval.