John Gokongwei considering IPO for banking unit
Robinsons Bank Corp. Is mulling over the idea of an initial public offering in three to four years to bolster its capital position.
?We would have to grow our capital base to about P15 billion. I would say in three or four years, we will tap the stock market,? Robinsons Bamk director Omar Mier told reporters following the listing of the bank’s long-term negotiable certificates of time deposit on the Philippine Dealing & Exchange Corp.
The bank raised P4.18 billion from a successful offering of LTNCDs with a tenor of 5.5 years.
Proceeds from the isssue will be used to support the bank?s expansion initiatives and diversification of funding sources.
LTNCDs offer an attractive alternative investment option for Robinsons Bank depositors looking for higher interest rates vis-a-vis the regular savings and time deposits.
Robinsons Bank., the 20th largest bank in asset size, saw its net income jump 76 percent last year.