Indonesia’s central bank has moved to shore up its rupiah currency after it hit a four-year low, as foreign investors exit emerging markets due to expectations that huge stimulus schemes in the developed world will soon end.
The eurozone economy is projected to shrink by 0.6 percent this year and then grow by 1.1 percent next year, the European Central Bank said on Thursday.
Beverage-maker Pepsi-Cola Products Philippines Inc. (PCPPI) has tapped a P1-billion term loan from Metropolitan Bank and Trust Co. to fund capital spending for this year.
The Philippine Deposit Insurance Corp. said the planned sale of the commercial banking license of Export & Industry Bank would not take place this year, and rescheduled it for early 2013.
Philippine Business Bank (PBB), the thrift bank arm of businessman Alfredo Yao’s Zest-O group, has obtained approval from the Securities and Exchange Commission to conduct an initial public offering worth up to P4.25 billion.
Philippine Deposit Insurance Corp. will again try to sell the assets and liabilities of Export and Industry Bank this year after the bidding on October 18 failed.
Metropolitan Bank and Trust Co. grew its nine-month net profit by 15.2 percent year on year to P10.22 billion on higher interest and fee-based earnings as well as hefty treasury gains earlier in the year.
Yuchengco-led Rizal Commercial Banking Corp. is unloading P4.8 billion worth of nonperforming loans to a special purpose company partly owned by International Finance Corp.
Fifteen years since its establishment, medium-sized commercial bank Asia United Bank is poised to become a more significant and formidable player in the local banking scene—one that has an extensive branch network, capable of going into non-banking allied ventures, and with shares that are traded publicly.
Local banking giant Metropolitan Bank and Trust Co. is selling its 30-percent stake in Toyota Motor Philippines to parent conglomerate GT Capital Holdings for P9 billion.
The Philippine central bank trimmed its key interest rates by a
further 25 basis points Thursday, saying the domestic economy needs a further boost to
override weak global demand.
The Metrobank group plans to bring its investment house, First Metro Investment Corp., back to private hands and is now preparing an offer to buy out the minority shareholders at P89 per share.
