MANILA - San Miguel Corp's affiliate Bank of Commerce listed on the Philippine Stock Exchange on Thursday following a successful initial public offering.
BankCom has raised a total of P3.36 billion in its IPO which ran from March 16 to March 22, 2022, the company said in a disclosure on Friday.
"BankCom's strategic vision in going public is to play a major role in the future of San Miguel and our country," SMC president and CEO Ramon Ang said.
"We expect the bank to continue to grow in the coming years, achieve economies of scale, improve efficiency and serve more Filipinos, from retail customers, small-to-medium enterprises, to major corporate clients, as Philippine economic growth gets back on track," Ang added.
Proceeds from the IPO will fund the bank's lending activities and finance capital expenditure requirements in line with the upgrade of its ATM fleet and its core banking system, it said.
An analyst earlier said IPOs this year would benefit from eased mobility restrictions and returning consumer and investor confidence.