China Merchants Bank requests OK to issue renminbi-denominated bonds

By Marisa Wong

Madison, Wis., April 13 - China Merchants Bank Co., Ltd. will seek shareholder approval at an upcoming annual general meeting to issue renminbi-denominated bonds, according to a company announcement.

If granted, the shareholder authorization would remain valid through the end of 2013.

The company plans to issue up to RMB 30 billion of bonds overseas. The exact maximum amount to be issued will not exceed 10% of the balance of the company's liabilities, the company noted.

The annual general meeting will be held on May 30.

The commercial bank is based in Shenzhen, China.

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