Metrobank eyes up to P10-B from rights offer

ABS-CBN News

Posted at Oct 14 2010 01:29 PM | Updated as of Oct 14 2010 09:29 PM

MANILA, Philippines - Metropolitan Bank and Trust Co. (Metrobank), the country's second-largest lender by assets, is eyeing to raise up to P10 billion from a stock rights offer.

The bank's board approved the offer to eligible holders of its unissued common shares in a meeting Thursday.

"The offer will increase the bank's capital adequacy in anticipation of the higher capital standards and to take advantage of the growth opportunities given the improving economic conditions and positive market prospects," the bank said in a disclosure.

Metrobank gave no timeline for the share sale, saying details will be announced in the coming weeks.