INDUSTRIAL & Commercial Bank of China Ltd. (ICBC), the nation’s biggest lender by assets, is considering a multi-currency offshore preference share issue and started meeting with investors in Asia, the United States and Europe yesterday.

    The lender’s board of directors in July approved plans to issue up to 35 billion yuan (US$5.70 billion) in offshore preference shares, in addition to its approval to raise up to 45 billion yuan in domestic preference shares.

    ICBC, which lists shares in Hong Kong and Shanghai, plans to issue preference shares denominated in yuan, U.S. dollars and/or euro, according to a term sheet seen yesterday, noting that the possible offer has been approved by China’s banking and securities regulators.

    In April, the nation’s banking and securities regulators rolled out detailed rules allowing lenders to issue preferred shares to address the capital requirements needed to meet global standards known as Basel III.

    A string of Chinese lenders, including ICBC, as well as Bank of China Ltd. and Agricultural Bank of China Ltd., have unveiled plans to shore up their capital base by selling preference shares worth more than 300 billion yuan in total.

    (SD-Agencies)