Lender completes P8B rights offer

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Philippine Savings Bank (PSBank) on Thursday announced the results of its stock rights offer that attracted P8b billion from eligible shareholders of 142,856,925 common shares priced at P56 apiece. The shares will list at the Philippine Stock Exchange (PSE) today, Friday.

The P8-billion offer was taken up entirely by existing shareholders, their support seen across its shareholder base, resulting in an oversubscription.  The bank said this was a demonstration of shareholder confidence in the lender, its vision and business strategies.

PSBank forecasts sustained and robust loan demand across the various segments of the economy.  The capital buildup will allow the bank to sustain its growth momentum and support asset growth, primarily on consumer loans.

The additional capital will strengthen its common equity Tier-1 capital, further solidifying its capital adequacy and financial strength.

The rights offer was led by First Metro Investment Corporation as sole issue manager, bookrunner and lead underwriter.

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