Philippines' Metrobank plans to redeem lower tier 2 notes on Oct. 22

By Marisa Wong

Madison, Wis., July 26 - Metropolitan Bank & Trust Co. (Metrobank) said its board of directors approved the early redemption of its PHP 8.5 billion lower tier 2 notes due Oct. 19, 2017.

The notes will be redeemed on Oct. 22, subject to the approval of the Bangko Sentral ng Pilipinas.

The Makati City, Philippines-based bank said it expects the early redemption will reduce its capital adequacy ratio to 13.5% from 15.4%.

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