Taiwan's Cathay United plans NT$10 billion of debentures for 2013

By Marisa Wong

Madison, Wis., Dec. 20 - Cathay United Bank plans to issue NT$10 billion of financial debentures in 2013, according to a Taiwan Stock Exchange announcement.

The bank's board of directors approved the proposed issuance on Thursday.

The debentures will be issued at par in one or more series.

Once the debentures are approved by Taiwan's Financial Supervisory Commission, the bank has one year to offer them.

The bank said it will use proceeds to meet its financial needs.

Cathay United is a wholly owned subsidiary of Cathay Financial Holding Co., Ltd. Cathay Financial is a Taipei, Taiwan-based holding company for insurance, securities, banking and other financial institutions.

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