INQUIRER.net: PNB aims to raise $300M

INQUIRER.net Philippine News for Filipinos

PNB aims to raise $300M Jul 22nd 2013, 00:16 MANILA, Philippines—The Lucio Tan group's banking arm, Philippine National Bank (PNB), plans to raise within this year $300 million through a fresh equity offering.   In a chance interview on Friday, PNB president Omar Mier said they had started preparations for the offering of new shares to brace itself for the stringent Basel 3 capital adequacy framework but because of the slump in the stock market, the offering was stalled.   "We hope that before December, the market will turn around," Mier said at the sidelines of the Bangko Sentral ng Pilipinas' (BSP) 20th anniversary celebration.   Universal and commercial banks are required by the BSP... Keep on reading: PNB aims to raise $300M Media files: pnb-notes.jpg (image/jpeg)

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