Malaysia's Maybank gets commission OK for subordinated note program

By Marisa Wong

Madison, Wis., Feb. 21 - Malayan Banking Bhd. said it received approval on Feb. 15 from the Malaysia Securities Commission for a subordinated note program.

Maybank already received approval for the program from Bank Negara Malaysia in December.

Notes issued under the program will qualify as tier 2 capital.

The program will have a tenor of 20 years. The subordinated notes will have tenors of 10 years, non-callable for all 10 years; 15 years on a non-callable 10-year basis; 12 years on a non-callable seven-year basis; or 10 years on a non-callable five-year basis.

Proceeds will be used for working capital, general banking and other corporate purposes.

The commercial and retail bank is based in Kuala Lumpur.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.