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Daily Dispatches: ICBC seeks more money

ICBC plans to sell new shares and raise up to 25 billion yuan (US$3.66 billion) through convertible bonds sales over the next three years. The world’s biggest lender by market value yesterday joined a number of other Chinese banks seeking fresh money as record credit growth in 2009 eroded capital. (Shanghai Daily)

Citi has hired Stephen Albutt as a director and co-head of corporate equity derivatives in its capital markets origination (CMO) team in Hong Kong and appointed Victor Wong as director of equity syndicate with a specific focus on the origination of equity blocks and accelerated transactions, according to an announcement yesterday. (Finance Asia)

ANZ says it will invest up to $US100m ($A110.23m ) in capital in Indonesia during 2010 to complete the acquisition of the Royal Bank of Scotland’s (RBS) retail and commercial businesses in that country, and accelerate organic growth. (Sky News)

Within months of agreeing to buy an iron sands mine through a bidding process run by Merrill Lynch, Cheung Kong Infrastructure (CKI) saw the mine’s revenue and customer base disintegrate, it claims. Armed with what it hopes will be damning evidence about the investment bank’s behaviour during the sale, CKI is suing Merrill Lynch for deceptive and misleading conduct and seeking undisclosed damages, which could include the $190 million purchase price. (The Age)

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