PH Business Bank raises P3-B from 2013's first IPO

Posted at Feb 19 2013 12:31 PM | Updated as of Feb 19 2013 08:31 PM

MANILA, Philippines - Philippine Business Bank, the thrift banking arm of the Zest-O Group, has debuted on the Philippine Stock Exchange on Tuesday via raising P3.2 billion from an initial public offering.

Rolando Avante, president and chief executive officer at Philippine Business Bank, told ANC Mornings the IPO proceeds will be used for branch expansion, IT development, general banking expenses, and lending for the bank's target market, the small and medium enterprises.

Meanwhile, the Zest-O Group is also planning to list RC Cola on the PSE through an IPO.

[email protected], February 19, 2013.