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ICBC's board of directors has approved the bank's dividend plan, allowing it to refinance to the amount of 45 billion yuan. The company will also make ICBC Asia a privately owned company.
The plan will be put to a vote by ICBC's shareholders on September 15th. If approved, the bank will need to submit materials to the market regulator, and declare its refinancing plan. The entire process will take some time, suggesting ICBC's refinancing plans won't dampen the market in short term.
The bank says for both A-shares and H-shares, every 10 shares will be issued no more than 0.6 of a dividend share, but the final ratio will be set at a shareholders' meeting.