Industrial Bank to redeem all preferred shares in July

Industrial Bank (SSE:601166) announced its plan to redeem all of its outstanding preferred shares on July 1, 2025. The redemption covers all three tranches of preferred shares issued in 2014, 2015, and 2019. The total value of the redemption is CNY56 billion, broken down into: CNY13 billion for "Industrial Preferred 1" (130 million shares), CNY13 billion for "Industrial Preferred 2" (130 million shares), and CNY30 billion for "Industrial Preferred 3" (300 million shares). Shareholders will receive the face value of their shares plus accrued dividends from January 1, 2025, to June 30, 2025. The redemption has been approved by the bank's board and the National Administration of Financial Regulation.