Union Bank of the Philippines (UBP) said Friday it raised P10 billion in fresh capital from a stock rights offering (SRO).
UBP said in a stock exchange filing the offering of 327.12 million common shares at P30.57 per share was fully subscribed on robust participation from shareholders.
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“The strong response from our shareholders to the Stock Rights Offering underscores their confidence in our strategic objective to become the best retail bank in the country,” said UBP president and chief executive Edwin Bautista.
UBP’s principal shareholders, including Aboitiz Equity Ventures, Social Security System and Insular Life fully subscribed to the offering.
UBP will used the proceeds to support its strategic growth initiatives.
