Malaysia's Hong Leong gets OK for RM 10 billion subordinated notes

By Marisa Wong

Madison, Wis., April 25 - Hong Leong Bank Bhd. said the Securities Commission Malaysia approved its proposed multicurrency subordinated notes program on Wednesday.

The company plans to issue up to RM 10 billion, or its equivalent in other currencies, of notes.

Hong Leong Investment Bank Bhd. is the lead arranger for the program.

The Kuala Lumpur, Malaysia-based bank will use proceeds for working capital and other corporate purposes and to refinance any existing borrowings.

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