Philippine Saving Bank to issue unsubordinated debt

By Reshmi Basu

New York, Oct. 13 - Philippine Saving Bank said it has received approval by its board of directors to issue unsecured unsubordinated debt.

Philippine Saving Bank added that the issuance is expected to qualify as lower tier II capital.

The new debt will enhance its capital adequacy ratio, which stands now at 13.1%. The issuance should increase that comfort level even further, well above the 10% minimum requirement set by the Philippines central bank.

Manila-based PS Bank is a unit of Metropolitan Bank & Trust Co., which is the largest bank in the Philippines by assets.

The issue is pending the approval of the country's central bank.

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