PSE okays large rights offering of BPI, PNB

By Doris C. Dumlao

Philippine Daily Inquirer

3:27 pm | Wednesday, December 18th, 2013

AFP FILE PHOTO

MANILA, Philippines — The Philippine Stock Exchange has approved capital-raising activities of two big banks through stock rights offering early next year: P25 billion for Bank of the Philippine Islands and P15 billion for Philippine National Bank.

An offering circular posted by the PSE on Wednesday, said BPI was given clearance to offer up to 395 million common shares to existing stockholders. The offering period will run from January 20 to 30 while listing is tentatively set for February 10.

PNB, for its part, is selling up to 163 million common shares from January 27 to Feb. 3 while listing will be on Feb. 11.

Both banks are beefing up their core or Tier-1 equity with the implementation of the so-called Basel 3 capital adequacy ratio framework, which introduces a complex package of reforms designed to improve the ability of banks to absorb losses, extends the coverage of financial risks and requires stronger firewalls against periods of stress.

Follow Us

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Short URL: http://business.inquirer.net/?p=156805

Tags: Banking , BPI , Business , Finance , Philippine Stock Exchanges , PNB

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94

seo tools