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ICBC Peru Bank gets $50M capital boost from Chinese parent

ICBC Peru Bank said its parent, Industrial & Commercial Bank of China Ltd., made a capital contribution of $50 million into the bank, according to a regulatory filing.

A total of 164,300,000 common shares were issued at a nominal value of 1 sol apiece. After the contribution, the capital of ICBC Peru Bank increased to 297.1 million soles.

The capital increase is part of ICBC's strategy of consolidating its local operations and converting Peru into a regional hub for the development of business and investments between China and Latin America, Gestión reported.

It also follows an $18 million subordinated debt sale by ICBC Peru Bank at the start of 2017, the publication added.

As of May 21, US$1 was equivalent to 3.29 Peruvian soles.