The banking arm of the Aboitiz family, Union Bank of the Philippines is looking to raise as much as P12 billion from the issuance of shares to its stockholders.
In a regulatory filing, UnionBank said its latest balance sheet projections based on its economic outlook shows that any additional capital requirements beyond P12 billion can be internally generated from existing businesses.
UnionBank earlier raised $458 million from a syndicated loan facility to refinance maturing loans and as well as support general corporate purposes.
The bank has embarked on a capital-raising program after taking over the retail banking business of American banking giant Citi in the Philippines for P72 billion.
The acquisition price was based on the net assets of Citi Philippines consumer banking business with a premium of P45.3 billion.
With the purchase, UnionBank’s retail customer base doubled in the past three years, mainly coming from digital account opening and cash management ecosystems.
As of end-September, the Aboitiz-led bank crossed the trillion mark in terms of assets for the first time. Assets grew 37 percent to P1.05 trillion.
