Metrobank eyes up to P20-B via deposit product

Posted at 07/24/14 2:42 PM

MANILA - Metropolitan Bank & Trust Co (Metrobank), the Philippines' second-biggest lender by assets, said it would raise up to P20 billion ($462 million) through an offer of long-term negotiable certificates of deposits.

The timing of the offering will be determined after regulatory approvals have been received and subject to market conditions, Metrobank told the Philippine Stock Exchange on Thursday.

Metrobank has raised 22.5 billion pesos this year from Basel III-compliant Tier 2 notes, including 6.5 billion pesos from this week's offering to institutional and retail investors.

The bank said it would use the extra cash to capitalize on growth opportunities in the expanding domestic economy.