PSBank sets stock rights offering in January
This bank will start 2019 with a bang.
Philippine Savings Bank (PSBank) is looking to stat 2019 by raising fresh funds through a stock rights offering.
In a disclosure, the thrift bank owned by the late George S.K. Ty revealed the timeline for their new capital-raising initiative.
“In general, the Bank intends to use the net proceeds from the Offer to strengthen its CET1 capital, further solidifying the Bank’s capital adequacy and financial strength,” the lender said.
“Within the first three months, the Bank expects that the net proceeds will be initially invested in investments allowed under BSP regulations but will eventually be reinvested in loans to be disbursed within the next 12 months.”
The bank is eyeing a short offer period between Jan. 7-11, 2019.