BEIJING, Feb. 27 (Xinhua) -- The Bank of China (BOC) announced on Thursday that it will raise 2.82 billion U.S. dollars through the offshore issuance of preference shares, with a yield of 3.6 percent.
The fund-raising, expected to be completed on March 4, will be used to replenish the bank's additional tier-1 capital and increase its capital adequacy ratio, the lender said in a statement filed to the Shanghai Stock Exchange.
Earlier data showed the non-performing loan ratio at the BOC was 1.37 percent by the end of September.
Preference shares, along with common shares, are two primary types of stocks that companies offer to investors. Preference shareholders have priority rights over ordinary shareholders in the distribution of profits and residual assets, and most of them have a fixed dividend.
