Singapore's Oversea-Chinese Banking plans S$1 billion preference share issue

By Aaron Hochman-Zimmerman

New York, Aug. 7 - Oversea-Chinese Banking Corp. Ltd. plans to sell at least S$1 billion of non-cumulative, non-convertible guaranteed preference shares, according to a press release.

The total issue, which may be upsized to $1.5 billion, will pay a fixed rate for the first 10 years.

The rate has not yet been determined.

Each preference share will be sold at S$100 each via subsidiary OCBC Capital Corp. (2008).

Proceeds from the Regulation S offering will be used to strengthen the bank's capital position in order to restructure its finances and grow its business.

OCBC is a Singapore-based retail and commercial bank.

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