Oversea-Chinese Banking Corp. plans to sell subordinated bonds to raise at least US$500 million, the local press reported.

The Singapore-based bank hired Credit Suisse Group AG, Morgan Stanley and Goldman Sachs Group Inc. to arrange the planned sale of lower Tier-2 debt denominated in US dollars, it was reported

OCBC agreed last month to buy ING Groep NV’s private banking assets in Asia for US$1.46 billion ($2 billion) in cash.

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