After failed insurance bid, BDO still wants cash

Fresh from raising US$61 million through a note issue, the Philippines’ largest bank says it wants to raise a further US$165 million through a rights issue for "future acquisitions," despite failing to bag Philamlife earlier this year.

According to a BusinessWorld report, Banco De Oro will make the rights offering once the potential asset to be acquired is identified. "We are not in a hurry (with the rights offer) because it depends upon the acquisition. We are going to push through with it but time it with the acquisition," said bank chairman Teresita T. Sy.

Although they are still looking for an asset to acquire, Banco De Oro is happy to be given the rights offer approval. Ty said, "When the right opportunity comes, we won’t have to get the approval anymore."

The bank is the product of the Banco de Oro-Equitable PCI Bank merger and is owned by the SM Group of Companies, one of the Philippines' largest conglomerates.