Philippine Daily Inquirer
12:03 am | Friday, February 28th, 2014
KUALA LUMPUR—Regional financial giant Maybank plans to go public in the Philippines soon as it affirms its commitment to turn the country into one of its key growth drivers in Southeast Asia.
Maybank Philippines Inc.’s public listing, which regulators want before the end of 2015, also comes in line with the group’s larger goal of becoming the preeminent financial institution in time for the region’s banking industry integration.
Maybank, the only locally incorporated foreign bank in the Philippines, was required by the Bangko Sentral ng Pilipinas to list at least 10 percent of its outstanding shares on the Philippine Stock Exchange by 2015.
Maybank Philippines CEO Herminio Famatigan Jr. said the company had several options for going public. The most obvious, he said, was through an initial public offering.
Acquiring a local bank already listed on the bourse was also considered. However, current rules mandate that the local bank to be acquired must be the surviving entity. For Maybank, this is an unattractive option.
Last year, the company opened 22 new branches in the country, bringing its physical network to 77 locations around the country. The bank wants to end 2014 with a total of 90 branches.
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Tags: Business , Maybank , ph exchange listing
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