Malaysia's Maybank to raise up to $3.2 bln with capital securities programme
KUALA LUMPUR Aug 19 (Reuters) - Malaysia's Malayan Banking Bhd, the country's largest bank by assets, said on Tuesday it won regulatory approval to raise up to 10 billion ringgit ($3.17 billion) to fund working capital, general corporate purposes and refinance its debt.
The bank will raise funds by issuing capital securities, a hybrid instrument with both bond and equity qualities, in Malaysian ringgit or an alternative currency, under a programme called Additional Tier 1 Capital Securities (AT1CS).
It received approval for the programme from the Securities Commission on Aug. 14 and the central bank on July 14, according to the announcement to the stock exchange.
The programme does not have a definite tenure, and every issuance from the programme will have a call option exercisable five years from the issue date.
(1 US dollar = 3.1560 Malaysian ringgit) (Reporting By Al-Zaquan Amer Hamzah, editing by David Evans)