Multibank Inc. on Oct. 17 plans to offer $2 million in one-year bonds carrying an interest rate of 3.0%, the company said in a securities filing.

The Panamanian bank plans to use the proceeds from the series C notes, which are scheduled to be issued on Oct. 19, to finance the growth of its own credit activities.

The issuance is part of the bank's corporate bonds program worth up to $200 million, which was approved by the Panamanian securities regulator in July.