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San Miguel units get 51.1% of Bank of Commerce


Philippine Daily Inquirer
First Posted 05:31:00 09/27/2008

Filed Under: Banking, Company Information, Mergers - Acquisitions - Takeovers, Investments

MANILA, Philippines?San Miguel Properties Inc. (SMPI) and San Miguel Corporation Retirement Plan (SMCRP) together are infusing an additional P2 billion in Bank of Commerce and raising their combined stake in the bank to 51.1 percent, Bank of Commerce said in a statement.

The two units of the beverage and food group San Miguel Corporation signed a subscription agreement for the equity infusion, which will be given in several tranches, the statement said.

The central bank?s policymaking body, the Monetary Board, approved in April a first subscription agreement that gave SMPI and SMCRP 34.3 percent of Bank of Commerce, following an initial infusion of P2 billion.

The new subscription agreement brings the San Miguel units? total investment in the bank to P4 billion.

With the fresh infusion, Bank of Commerce said, its total capital accounts are estimated at P10.42 billion.

Bank of Commerce meanwhile reported a record after-tax income of P524.4 million for the period from January to August, up 48.6 percent year-on-year.

It said margins in August remained under pressure from intense competition but net interest spread widened to 3.8 percent.

Bank president and chief executive officer Raul de Mesa said, ?Increases in interest income, the steady improvement in asset quality, and a capital buildup program were the primary drivers of the bank?s profit performance. In spite of the challenging market environment, our funds-based operations served us very well as sales momentum continued across various economic cycles.?

The bank said its deposit holdings rose 33.7 percent year-on-year to P72.5 billion at end-August, and additional bookings expanded the gross loan portfolio to P40.7 billion, up sharply by 51.4 percent.

It said nonperforming loans fell to 4.2 percent of total loans from 8.7 percent a year earlier, as nonperforming loans were cut by 40 percent. Edited by INQUIRER.net



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