China Construction Bank (CCB), the nation's second-biggest, said yesterday it would issue up to 3 billion yuan (US$439 million) worth of "ordinary financial bonds" in Hong Kong.

The company's board also approved an increase of US$800 million in capital to wholly owned Hong Kong commercial banking unit China Construction Bank (Asia) Corp, the Beijing-based bank said in a statement to the Hong Kong's stock exchange.

China Construction's board also approved a transfer of US$300 million to CCB International (Holdings) Ltd, another fully owned unit, which underwrites sales of shares and bonds in Hong Kong, the bank said in the statement.

The capital increases are subject to the approval by the relevant regulators, China Construction Bank said.

(Shanghai Daily August 25, 2008)