Another news of a possible IPO either late this year or early 2013.
Philippine Business Bank plans to raise P3B from IPO
MANILA, Philippines–Philippine Business Bank, the thrift banking arm of the Zest-O group, plans to raise P3 billion from an initial public offering late this year or in early 2013.
In an interview last week, PBB president Roland Avante said the bank was looking to offer 20-30 percent of its shares to the public, thus beefing up fresh funds for expansion. The offer will comprise only primary shares, which means that all proceeds would be plowed into the bank.
“It’s really more as a strategic move to be able to maybe expand business further and then, (raise funds) as an added ammunition. We’re building a war chest for possible acquisition and investments in the horizon of over two to three years if there will be a license upgrade,” Avante said.
PBB chair Alfredo Yao had previously said if the thrift bank were to upgrade its banking license, it would go for universal banking than regular commercial banking operations.
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