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Shin Kong Bank to issue NT$2.5B of debentures

Taiwan Shin Kong Commercial Bank Co. Ltd., or Shin Kong Bank, plans to issue NT$2.50 billion of subordinated financial debentures.

The perpetual noncumulative subordinated debentures will be issued at a face value of NT$10 million per unit with a yearly coupon of 3.40%, according to a March 22 release.

The bank plans to use the proceeds from the issue to raise mid- to long-term capital and to strengthen its financial structure.

The debentures will be issued March 30.

Meanwhile, Lu Chang-Song resigned as chief information officer of Shin Kong Life Insurance Co. Ltd., effective March 22.

Shin Kong Bank and Shin Kong Life Insurance are units of Shin Kong Financial Holding Co. Ltd.

As of March 22, US$1 was equivalent to NT$29.19.