Business magnate Alfredo Yao’s Philippine Business Bank plans to raise fresh funds from the debt market to further strengthen its capital position and further expand its branch network.
In a stock exchange filing, PBB said its board authorized management to arrange a bond program of up to P10 billion.
Proceeds from the issue will be used for general corporate purposes, the thrift banking arm of the Zest-O Group said.
PBB earlier obtained the Bangko Sentral ng Pilipinas’ nod to absorb the operations of Insular Savers Bank, a significant player in the micro finance market.
ISB has 10 branches in BGC, Cainta, Pampanga, Baliuag, Calamba, Quezon Avenue, Navotas, Makati City, Iloilo, and Legazpi.