Singapore's Oversea-Chinese Banking starts $2 billion euro commercial paper program

By Reshmi Basu

New York, Aug. 30 - Oversea-Chinese Banking Corp. Ltd. said it has established a $2 billion euro commercial paper program (Prime-1/A1/F1).

The program will be an alternative source of cost-effective short-term funding, the bank said.

In addition, Oversea-Chinese said the CP program will increase its profile in the international capital markets and reduce borrowing costs.

"ECP programs are used by lending international banks as an effective means of diversifying funding sources and lowering funding costs," said David Conner, chief executive officer, in a news release.

"Similarly, our newly established ECP program is expected, over time, to give us more flexibility in utilizing different sources of funds and reduce our overall funding costs."

Citigroup and Deutsche Bank are managers of the program.

Oversea-Chinese Banking is a Singapore-based financial services group.

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