Money

PSBank raises P8B from stock rights offer

This bank started the year with a big bang.

This bank started the year with a big bang.

Philippine Savings Bank (PSBank) announced its successful journey towards raising fresh capital.

In a disclosure, the listed lender said they raised P8 billion from a stock rights offering on Jan. 11.

“The capital raising exercise will enable the bank to sustain its loan growth momentum, supporting its expected asset growth, primarily on consumer loans,” PSBank said.

The bank sold 142.8 million shares priced P56 apiece, to be listed on Friday, Jan. 18.

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