Philippine Savings Bank, the consumer banking arm of the Metrobank Group, said Thursday it successfully raised P8 billion through a stock rights offering.
The bank said in a statement the offering period closed on Jan. 11, 2019. The offer to eligible shareholders of 142,856,925 common shares was priced at P56 per share.
The right shares are expected to be listed on the Philippine Stock Exchange today.
“The P8-billion offer was taken up entirely by the bank’s existing shareholders, with support seen across the shareholder base, resulting in an oversubscription,” PSBank said.
“The bank believes that this represents a vote of confidence in the bank, its vision and business strategies,” it said.
PSBank said the projected robust growth of the Philippines would continue to support loan expansion across the various segments of the economy.
Thus, it said the capital-raising exercise would enable it to sustain its loan growth momentum, supporting the expected asset growth, primarily on consumer loans.
The additional capital from the offer will strengthen its CET1 capital, further solidifying the bank’s capital adequacy and financial strength.
First Metro Investment Corp. arranged the rights offering as sole issue manager, book runner and lead underwriter. Julito G. Rada
