MANILA, Philippines - Security Bank said its board of directors has approved its plan to issue up to P20 billion in Long-Term Negotiable Certificates of Deposit (LTNCD).
In a statement, Security Bank said the issuance of LTNCD will be subject to regulatory approval and prevailing market conditions.
"The LTNCD issuance will be done in multiple-tranche format whereby there may be different maturity dates per tranche," the bank said.
Proceeds from the planned LTNCDs will be used to fund Security Bank's expansion program.
Security Bank is the 8th largest private domestic universal bank in the country with total assets of P377 billion, as of end-March 2014.