Money

PBB sets P10B bond offering

PBB sets P10B bond offering

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.

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.

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