Bank of China

Bank of China ready to increase CD issue

PUBLISHED : Thursday, 03 October, 1996, 12:00am
UPDATED : Thursday, 03 October, 1996, 12:00am

The Bank of China is expected to increase its five-year floating rate certificates of deposit to $4 billion.

Arranger China Development Finance Co (CDFC) said the bank's headquarters had earlier approved a maximum issue of $4 billion.

After the $2 billion issue was 4.5 times over-subscribed on Monday, the Hong Kong branch had been expected to seek final approval from Beijing to increase the issue.

Final clearance has been delayed until today because of the public holidays in China.

'We have to report to the Beijing headquarters. But the chance for the issue to increase to the maximum amount is very high,' CDFC said.