Ty family-led Metropolitan Bank and Trust Co. plans to raise fresh capital estimated at more than P70 billion to expand its fast-growing loan book, riding on the country’s strong macroeconomic prospects.
In a disclosure to the Philippine Stock Exchange on Wednesday, the country’s second-biggest lender said its board had approved a stock rights offering of up to a maximum of 819.83 million common shares equivalent to the remaining unissued shares from its authorized capital stock.
“Timing and size of the transaction are subject to other details such as the offer price and are subject to receipt of regulatory approvals as well as market and other conditions,” the disclosure said.
Metrobank has mandated UBS as joint global coordinator and joint bookrunner and First Metro Investment Corp. as joint global coordinator, joint bookrunner and issue manager.
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Metrobank, which has grown its loan book by more than 20 percent in the last six quarters, said it believed that the robust growth of the Philippines would continue to boost loan demand across the various segments of the economy.
“The capital raising exercise is expected to enable the bank to pursue these business prospects to sustain the loan growth momentum, leveraging on the bank’s sales and distribution network that has rapidly expanded in the preceding years. To that end, the bank intends to focus on enhancing customer experience through digitization initiatives and branch efficiencies,” Metrobank said.
