February 23, Bank of Communications Limited held its first general meeting of shareholders in Shanghai in 2011. The meeting considered and approved by secret ballot the bill on Bank of communications to issue renminbi bonds in Hong Kong. Under the scheme, Bank of communications will issue renminbi bonds of not more than 20 billion yuan before the end of 2012. Among them, 2011 issued no more than 10 billion yuan bonds. The maturity of bonds is between 2-5 years, depending on market interest rate changes and investor demand. The bond interest rate will refer to the market interest rate, combined with the distribution method. The issue is for Hong Kong market institutional investors and retail investors. The main purpose of raising funds will be to grant loans and bank liquidity and other general business purposes.
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