AgBank of China to elect new independent director, issue bonds

Agricultural Bank of China Limited (AgBank) will hold its 2025 First Extraordinary General Meeting (EGM) on January 24, 2025. Shareholders will vote on the election of Mr. Zhang Qi as an independent non-executive director. Mr. Zhang holds a doctor's degree in Economics and currently serves as dean of the China Institute for Poverty Reduction. His appointment is subject to EGM approval and regulatory ratification. Additionally, shareholders will vote on a special resolution to approve the issuance of up to RMB 520 billion (or equivalent in foreign currencies) in capital instruments and total loss-absorbing capacity non-capital bonds. These will include write-down undated additional tier 1 capital bonds, write-down eligible tier 2 capital instruments, and write-down total loss-absorbing capacity non-capital bonds, subject to regulatory approvals. The issuance will occur in tranches in domestic and overseas markets. The Board recommends shareholders vote in favor of both resolutions.