The bank wants fresh capital to grant even more loans.
The Bank of the Philippine Islands (BPI) announced plans for a fresh stock rights offering on Wednesday, Jan. 17, as part of its efforts to raise new funding.
In a statement, the Ayala-owned bank said they are looking to raise up to P50 billion from the issuance to finance their expansion plans, at a time of upbeat economic growth momentum.
“With the planned rights offer, the Bank expects to grow and strengthen its market-leading businesses and core franchises through the acceleration of lending activities across consumer, SME, and microfinance segments to capture the positive momentum in the Philippine economy,” BPI told the Philippine Stock Exchange.
The additional capital will also support digitization initiatives and expansions of branch networks, including their subsidiaries BPI Direct BanKo and BPI Family Bank.
Final details will be revealed after the bank completes regulatory approvals.
