Metrobank completes capital buildup

Ty family-led Metropolitan Bank & Trust Co. has completed a P60-billion capital hike through the sale of shares to existing shareholders.

Metrobank—which sold 799.84 million common shares at P75 per share to existing shareholders—listed the new shares on the Philippine Stock Exchange yesterday.

“The offer was taken up entirely by the bank’s existing shareholders, with broad support seen across the shareholder base resulting in a substantial oversubscription,” Metrobank said in a disclosure to the PSE.

“The bank believes that the success of the offer represents a strong vote of confidence from investors in the bank and its strategy,” it added.

Metrobank believes the robust growth of the Philippines will continue to support loan expansion across the various segments of the economy. It seeks to capitalize on the growth opportunities of large-cap corporations and the middle market and small to medium enterprises (SME) segments.

Rising per capita levels are seen to boost consumer lending, specifically in credit cards, auto loans and home mortgage segments.

Portion of the proceeds will be used for the acquisition of a 40-percent additional stake in Metrobank Card Corp., the final tranche of which is set to be completed by the third quarter. —DORIS DUMLAO-ABADILLA