February 24, 2018, 10:31 pm
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Bank to raise P50B via stock rights

Bank of the Philippine Islands (BPI) said it looks to raise P50 billion through a stock rights offering to finance expansion. 

The bank however said the final terms and conditions of the offer, “including the final issue size, entitlement ratio, offer price, record date, appointment of the parties and other terms,” are yet to be determined, which its Board of Directors has been left to the management of the bank. 

“The bank expects to launch the rights offer after receiving the required regulatory approvals. Ayala Corp., BPI’s major shareholder, has indicated its support of the rights offer,” the bank said.

BPI in a statement said it believes  the Philippine banking sector “continues to present significant medium and long-term growth prospects and that it is well-positioned to capitalize on them.” 

“With the planned rights offer, the bank expects to grow and strengthen its market-leading businesses and core franchises through the acceleration of lending activities across consumer, SME, and micro-finance segments to capture the positive momentum in the Philippine economy,” it said. 

“The Bank will continue investing in its delivery infrastructure in order to improve both efficiency and client coverage via digitization and electronic channels, and additional BPI Direct BanKo, BPI Family Bank and parent bank branches,” it added.

“Our planned stock rights offer is a vote of confidence in our country, our clients, and ourselves. The economic landscape will continue to change for the better in the next five years. We want to contribute to and benefit from that change,”  said Cezar  Consing, BPI president.
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