Bank of Communications to redeem tier 2 capital bonds

Bank of Communications announced today that it will exercise its redemption right to fully redeem its 10-year Tier 2 capital bonds issued on May 21, 2020. The bonds, with a total value of RMB400 billion, were issued in the interbank bond market. The company's board of directors has approved the full redemption, which will occur on the first possible date, the bonds' fifth anniversary. This was announced in accordance with the terms outlined in the bond's offering circular.