AUB raising P5B from sale of debt paper | Inquirer Business

AUB raising P5B from sale of debt paper

By: - Business Features Editor / @philbizwatcher
/ 11:15 PM June 29, 2015

Asia United Bank, the banking arm of the Rebisco group, is raising about P5 billion from the sale of debt notes qualifying as tier 2 or supplementary capital.

In a disclosure to the Philippine Stock Exchange, AUB said its board had approved the issuance of tier 2 notes “to support the growth strategy of the bank.”

AUB president Abraham Co said the bank would raise about P5 billion, adding that the notes would have a call option in five years.

Article continues after this advertisement

Co said the proceeds would be used by the bank to support loan growth. The bank is expecting to grow its loan book by 25 percent annually over the medium term.

FEATURED STORIES

The disclosure said the terms and conditions of the issuance would be determined after a full review by the bank’s authorized officers and would be subject to the approval of the Bangko Sentral ng Pilipinas.

AUB and its subsidiaries posted a net income of P448.9 million for the first quarter of 2015, 119-percent higher than a year ago. Its bottom line was boosted by a double-digit growth in interest income from loans as well as a strong rebound in trading and investments.

Article continues after this advertisement

The bank’s loan portfolio in the first quarter grew by 39 percent year-on-year to P73 billion.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Asia United Bank, aub, Business, capitalization, debt notes

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.