--FILE--Vista di un ramo della ICBC (industriale e banca commerciale della Cina) in Cina a Shanghai, 15 aprile 2014. Industrial & Commercial Bank of China
--FILE--View of a branch of ICBC (Industrial and Commercial Bank of China) in Shanghai, China, 15 April 2014. Industrial & Commercial Bank of China Ltd. plans to sell as much as $5.7 billion equivalent of subordinated securities that would qualify as Tier 1 as banks worldwide seek to bolster their capital base. The nations largest lender by market value mandated seven banks for the offering, according to two people familiar with the matter. ICBC has received board and regulatory approval to sell the hybrid notes offshore and is awaiting signoff from shareholders, the people said, asking not to be identified because the details are private. The Beijing-based lender said in a statement last month it is seeking to raise as much as 80 billion yuan ($13 billion) selling preferred stock in China and offshore. Its board approved a plan to sell as many as 450 million preferred shares through private transactions on the mainland, and no more than 350 million preferred shares offshore, ICBC said in a July 25 Shanghai stock exchange statement. The bank plans to replenish its capital by the sales, it said.
