Malaysia's Maybank gets OK for up to RM 3 billion subordinated notes

By Marisa Wong

Madison, Wis., May 31 - Malayan Banking Bhd. (Maybank) announced that it received approval from the Malaysia Securities Commission for an up to RM 3 billion subordinated note program.

Maybank also received approval from Bank Negara Malaysia for the issuance of the subordinated notes.

The program has a tenor of up to 20 years. Notes issued under the program will have a tenor of one of the following: 10 years on a non-callable basis, 15 years on a 15 non-callable 10 basis, 12 years on a 12 non-callable seven basis or 10 years on a 10 non-callable five basis.

The subordinated notes will qualify as tier 2 capital.

Proceeds will be used to fund Maybank's working capital, general banking and other corporate purposes.

The commercial and retail bank is based in Kuala Lumpur, Malaysia.

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