Industrial and Commercial Bank of China (ICBC; 1398.HK, 601398.SH) plans to raise up to US$3.66 billion through issuing convertible bonds in the mainland market, the Wall Street Journal reported. The lender will also seek shareholder approval to sell new shares worth up 20% of its existing Hong Kong- and Shanghai-listed shares, which could generate a further US$48 billion, based on Thursday’s closing prices. Like many of its peers, ICBC needs new funds to shore up its capital base following massive credit expansion in 2009 and ahead of slower, but still robust, lending for 2010. Jiang Jianqing, ICBC chairman, said the bank wanted to keep its capital adequacy ratio above 12%. The ratio stood at 12.36% at the end of last year, well above the minimum 11% set by regulators. ICBC’s net profit for 2009 was US$18.8 billion, up 16% year-on-year. The bank issued US$152.3 billion in new local-currency loans, raising its total outstanding loans by 28% from the end of 2008.