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Malaysia's CIMB Islamic gets OK for up to RM 2 billion sukuk program
By Jennifer Chiou
New York, May 28 - Bumiputra-Commerce Holdings Bhd. announced that CIMB Islamic Bank Bhd. obtained approval from the Securities Commission on Friday for its up to RM 2 billion tier 2 junior sukuk program.
It was previously authorized by Bank Negara Malaysia on April 15.
CIMB Islamic is a subsidiary of CIMB Bank Bhd., a 99.99% owned subsidiary of CIMB Group Sdn. Bhd., which is a 100% owned subsidiary of Bumiputra-Commerce.
The proceeds will go toward banking operations.
Bumiputra is a banking group based in Kuala Lumpur.
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