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Fitch: Bank UOB Indonesia to issue 650B rupiah of bonds

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Fitch: Bank UOB Indonesia to issue 650B rupiah of bonds

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.