Bangko Sentral approves PNB’s P5-B float

The Bangko Sentral ng Pilipinas has approved the Long-Term Negotiable Certificates of Deposits (LTNCDs) business tycoon Lucio Tan’s Philippine National Bank plans to float in the market. Proceeds from the P5-billion float will be "used for general corporate purposes and to further strengthen banking operations," the bank said Friday in a disclosure to the Philippine Stock Exchange. Its LTCND offering may be launched in the coming weeks "subject to favorable market conditions and compliance with regulatory requirements," the bank noted. Last May, PNB said it would raise more capital to finance its expansion by selling P10.5-billion worth of assets and debt papers. The expansion plans include putting 158 more automated teller machines and completing its merger with Allied Bank, another Tan-led lender. — CMA/VS, GMA News