Security Bank plans to raise P20B via notes offer
This bank is in need of fresh capital.
Security Bank Corporation has bared plans to raise as much as P20 billion in fresh funds by issuing long-term negotiable certificates of deposit.
In a disclosure,the listed lender said its Board of Directors approved the plan during their meeting on Tuesday, Aug. 29. However, the plan would have to be approved by the Bangko Sentral ng Pilipinas before they can proceed with the offering.
It was only last year when Security Bank received a fresh capital infusion worth P36.9 billion from partnering with the Bank of Tokyo Mitsubishi UFJ, and now it is up for more. Its expansion plans must surely be grand!