Philippine National Bank is raising money to fund its corporate needs and boost banking operations by issuing up to P5 billion worth of long-term negotiable certificates of time deposits (LTNCDs), which was approved by Bangko Sentral ng Pilipinas, the bank said in a disclosure Wednesday.
“PNB plans to launch the offer in the coming weeks, subject to favorable market conditions and compliance with regulatory requirement,” Doris Te, PNB corporate secretary, told the Philippine Stock Exchange.
“PNB’s issuance of peso-denominated LTNCDs will be used for general corporate purposes and to further strengthen banking operations,” she added.
A part of the LT Group, PNB merged with Allied Banking Corp. which hatched the fourth largest commercial bank with more than P500 billion in resources. — VS, GMA News