Robinsons Bank to raise P3 B

MANILA, Philippines - Gokongwei-led Robinsons Bank Corp. is raising at least P3 billion through the issuance of long-term negotiable certificates of deposit (LTNCDs) to support its expansion program.

The offer period of the first foray of the financial services arm of taipan John Gokongwei’s JG Group of Companies starts today and will end on June 2.

BPI Capital Corp. has been tapped to act as the sole lead arranger for this offering. The tenor of the LTNCDs will be five and one-half years with indicative pricing to be finalized and interest payments would be made every quarter in arrears.

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

The bank sees the LTNCDs as attractive alternative investment option for an existing depositors, as well as opportunity to build relationship with future possible clients who are looking for higher interest rates versus the regular savings and time deposits.

Proceeds of the fund raising activity would support the bank’s expansion initiatives and diversify its funding sources.

Robinsons Bank is one of the fastest growing commercial banks in the Philippines.

In 2016, its net income jumped 72 percent and is now ranked as the 20th largest bank in asset size and 19th in loans and in deposits.