MANILA: Philippine Savings Bank (PSBank) said on Friday it had board approval to sell up to 5 billion pesos ($117 million) of unsecured subordinated debt to beef up its capital.
PSBank, a unit of the country's second biggest lender by assets Metropolitan Bank & Trust Co (Metrobank) , said it was looking at a 10-year debt issue, with a call option on the fifth year, to be sold in one or more tranches.
It did not disclose timing and other terms of the issue.
The debt sale, subject to the central bank's approval, would help PSBank finance its expansion and prepare for future acquisition opportunities, it told the stock exchange.
Shares of PSBank were untraded early in the session while Metrobank rose 1.5 percent in a market that was up 1.6 percent.
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