Southern Bank mandates Goldman

One of Malaysia''s smaller lenders prepares a debut dollar deal.

Southern Bank Berhad SBB, Malaysia's ninth largest lender is planning to raise about $150 million from a lower tier 2 subordinated debt deal. Goldman Sachs is mandated for the offering, which is aimed to re-balance the bank's capital ratio following a special issue of Bumiputra shares.

The Ministry of Finance approved a 280.2 million Bumiputra share issue at the end of April and on completion at M$1.74 per share, the transaction will boost the bank's CAR by just over 2%. At the end of 2003, the bank reported an overall CAR of 11.8% of which tier 1 capital comprised 8.77%.

The subordinated debt transaction is not believed to be imminent...

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