RETAIL BANKING | Tony Chua, Philippines

PSBank to raise $117.31mn for acquisitions

The move will strengthen the lender’s capital base.

Philippine Savings Bank, the thrift banking arm of the Metrobank Group, is raising P5 billion ($117.31 million) from unsecured subordinated debt as it scouts for acquisitions.

In a disclosure to the stock exchange this morning, PSBank said its “board of directors passed a resolution [yesterday] approving the bank's issuance of up to P5 billion in unsecured subordinated debt in one or more tranches with a term of 10 years and a call option on the fifth year."

It added that the “purpose of this issuance is to increase and strengthen [its] capital base,” and consequently “freely pursue its expansion plans and prepare it for any future acquisition opportunity.”

PSBank did not say when it will issue the debt papers.

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