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Public Bank to redeem Tier 1 capital securities

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Public Bank to redeem Tier 1 capital securities

Public BankBhd. plans to fully redeem outstanding Tier 1 capital securitiesthat it issued in 2006.

The bank said July 21 that it will redeem US$200 million of itsInnovative Tier 1 capital securities on Aug. 22. The securities, due Aug. 22,2036, were issued in 2006 at coupon rate of 6.84% per year.

The securities will be delisted from Singapore's stockexchange, effective Aug. 23.