Alfredo Yao’s PBB offers P10B high-yield deposits
Philippine Business Bank is looking to raise as much as P10 billion from the sale of high-yielding deposit notes to support expansion plans.
In a statement, PBB said its board has authorized the management team to initiate capital raising discussions to allow the Alfredo Yao-owned bank to exploit opportunities in the banking sector.
Subject to regulatory approvals, PBB will convert existing preferred shares to common stock to further strengthen its balance sheet.
The banking arm of Zest-O group will use the additional funding to capitalize on attractive lending opportunities as the Philippine economy continues to expand.