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Oct 11, 2017 @ 17:17

BSP approves Security Bank’s P20B LTNCD offer

 

More funds would allow the bank to engage in even bigger expansion strategies.

Security Bank Corporation disclosed on Wednesday, Oct. 11 that it has secured the approval from the Bangko Sentral ng Pilipinas to issue Long-Term Negotiable Certificates of Time Deposit (LTNCD) within one year.

In a statement, the publicly-listed bank said they can raise a maximum of P20 billion through the note offer, with the proceeds to be used for the bank’s day-to-day operations and expansion plans.

“This gives Security Bank the flexibility to raise long-term funding, diversify its funding sources, lengthen the tenor of its liabilities, and support future growth,” Security Bank said in a statement.

The first tranche will be issued within October.

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