Malaysia's CIMB Bank gets OK for $1 billion multicurrency euro MTNs

By Marisa Wong

Madison, Wis., Jan. 28 - CIMB Group Holdings Bhd. announced that subsidiary CIMB Bank Bhd. has received approval from the Securities Commission of a multicurrency euro medium-term note program of up to $1 billion.

The company received prior approval for the euro MTN program from Bank Negara Malaysia on Sept. 7.

Proceeds from the euro MTN program will be used to repay, refinance and prepay offshore credit facilities, to refinance onshore credit facilities and for general corporate purposes and working capital requirements.

CIMB Bank is a retail and commercial bank. Its parent company, CIMB Group Snd. Bhd., is a wholly owned subsidiary of Kuala Lumpur-based CIMB Group Holdings.

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