BSP approves Robinsons Bank issuance of P3-B LTNCD

The Bangko Sentral ng Pilipinas approved Robinsons Bank Corporation the authority to issue long-term negotiable certificates of deposit (LTNCD) of at least P3 billion last May 4, 2017 in its Monetary Board Resolution No. 717. The Bank has an option to increase the issue size up to P5 billion in the event of oversubscription.

In a disclosure last May 5 by Robinsons Bank, the banking and financial arm of the JG Group of companies, the issuance will have a term of five and one-half years and a rate of 4.125% annually. The interest payments will be made every quarter in arrears.

These instruments are negotiable and insured with the Philippine Deposit Insurance Corp. up to maximum coverage of P500,000.00 per depositor.

LTNCDs are tax-exempt for qualified individuals if held for more than five years.

The minimum investment is P50,000 with increments of P10,000.

The offer period is from May 23 to June 2, 2017. The issue date is set on June 14, 2017. For this offering, BPI Capital Corporation acted as the sole lead arranger and selling agent together with Robinsons Bank.

The LTNCDs will be listed on the Philippine Dealing and Exchange Corp on issue date.

According to Robinsons Bank President Mr. Elfren Antonio S. Sarte, the proceeds of the LTNCDs will support the Bank’s growth initiatives. The Bank will be issuing credit cards soon and the Bank has been aggressive in its loan expansion, especially in the middle markets. In 2016, the loans of the Bank jumped 42%, with consumer loans expanding by 40%.

For inquiries, Robinsons Bank can be reached via its Customer Care Center at 637CARE (2273) or domestic toll-free 1-800-10637-CARE (2273) from Mondays to Fridays, 9:00am to 9:00pm. Follow them on Facebook ( www.facebook.com/Robinsonsbank ) and Twitter (@RbankCorp).