BPI LOOKING TO RAISE P50B FROM RIGHTS OFFER

BANK of the Philippine Islands ( BPI) plans to raise P50 billion from a stock rights offering of common shares to fund initiatives to drive business growth.

In a disclosure, BPI said the proceeds from the stock rights offer would finance a plan to accelerate lending activities across the consumer, small and medium enterprise, and micro- finance segments “to capture the positive momentum in the Philippine economy.”

“The bank will continue investing in its delivery infrastructure in order to improve both efficiency and client coverage via digitization and electronic channels, and additional BPI Direct BanKo, BPI Family Bank and parent bank branches,” it said.

“Our planned stock rights offer is a vote of confidence in our country, our clients, and ourselves. The economic landscape will continue to change for the better in the next five years. We want to contribute to and benefit from that change,” BPI President and Chief Executive Officer Cezar Consing said.

Determination of the final terms and conditions of the rights offer, including the final issue size, entitlement ratio, offer price, record date, appointment of the parties and other terms, has been delegated to the bank’s management, BPI said.

The bank expects to launch the rights offer after receiving the required regulatory approvals.

Ayala Corporation, BPI’s major shareholder, has indicated its support for the rights offer.