Robinsons Bank to raise P5B from term deposit offer
The financial services arm of the taipan John Gokongwei’s JG Summit Holdings Inc. has been cleared by the Bangko Sentral ng Pilipinas to issue P5 billion worth of long-term negotiable certificates of deposits (LTNCDs).
The LTNCDs, which offer higher interest rates, have a tenor of five years and six months.
Robinsons Bank has mandated ING Bank NV as selling agent.
LTNCDs are negotiable certificates of time deposits offering higher interest rates compared to regular savings accounts. They and are tax exempt for qualified individuals if held for at least five years.