On the heels of a P60-billion capital boost program, Ty family-led Metropolitan Bank & Trust Co. plans to raise P25 billion more from a new offering of high-yielding deposits to diversify and lengthen its funding pool.
In a disclosure to the Philippine Stock Exchange on Thursday, Metrobank said its board of directors had approved the issuance of new long-term negotiable certificates of deposit (LTNCDs) worth P25 billion.
This will be issued in one or more tranches of at least P2 billion each and with tenors of 5.5 years up to 10 years, subject to regulatory approval and market conditions.
The LTNCDs will be listed on the Philippine Dealing & Exchange Corp.
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“We’ve been regularly issuing LTNCDs in the last few years because we want to diversify funding sources and to obtain long-term funding,” Metrobank vice president and head of investor relations Juan Placido Mapa III said in a text message.
“The planned issuances under the proposed program still support those overall objectives,” Mapa added.
