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Jul 10, 2017 @ 17:07

Bank of Commerce wants to level up as big bank


Bilyonaryo Ramon Ang has big plans for his bank.

Bank of Commerce (BanCom) has bared plans of scaling up as a universal lender this 2017, as it seeks to upgrade its status as a commercial bank by pouring fresh capital.

In a statement, the bank owned by San Miguel Corporation said it wants to avail of a universal bank license in line with its expansion plans and strengthen its presence across the domestic market.

The big bank license will allow BanCom to take part in future debt and equity capital fund-raising initiatives among local companies. It is particularly looking to get a slice from infrastructure lending: “It is expected that the private sector will need to raise funds in the coming years to finance capital expenditure in infrastructure and capacity expansion from a fast growing Philippine economy.”

Looks like the San Miguel group will need support from its banking arm as it takes on additional projects.

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