PT Bank UOB Indonesia plans to issue up to 650 billion rupiah of subordinated bonds, Fitch Ratings Indonesia said Oct. 13.

The seven-year bonds will be issued under the bank's 2 trillion rupiah subordinated bond program.

The proceeds from the issuance will be used mainly to strengthen the bank's capital and support its business growth.

Bank UOB Indonesia is a unit of Singapore's United Overseas Bank Ltd.

As of Oct. 11, US$1 was equivalent to 14,103 Indonesian rupiah.