KUALA LUMPUR (Nov 26): Public Bank Bhd intends to redeem its RM223 million subordinated notes on coming Dec 10, five years before the original redemption date of Dec 10, 2019.

In an announcement to Bursa Malaysia, the banking group said it has given notice to the noteholders that it would fully redeem the RM223 million debt papers that was issued in 2009, together with accrued interest. The subordinate notes carry a coupon rate of 4.6% per annum.

Public Bank completed a one for ten rights issue at RM13.80 per share in August.

The banking stock has been drifting lower since May, falling from the peak of RM20.69 on May 30 to RM18.60, as at 3pm today.