Malaysia's CIMB Bank plans to redeem $300 million subordinated debt

By Jennifer Chiou

New York, Sept. 24 - CIMB Bank Bhd. announced that it plans to redeem $300 million of its subordinated debt on Oct. 16.

The bank also said it raised RM 1 billion in a well-oversubscribed offering of innovative tier 1 capital securities.

Within 24 hours of opening the offer, CIMB Bank said it received demand for more than three times the initial RM 500 million it had planned to raise.

Proceeds are slated for the bank's general working capital.

CIMB Bank is a retail and commercial bank. Its parent company, CIMB Group Snd. Bhd., is a subsidiary of Kuala Lumpur-based bank group Bumiputra-Commerce Holdings Bhd.

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