Philippines Savings Bank plans PHP 3 billion 10-year subordinated debt

By Marisa Wong

Madison, Wis., Dec. 17 - Philippine Savings Bank (PSBank) said its board of directors approved the issuance of PHP 3 billion of subordinated debt at its meeting on Monday.

The bank plans to offer 10-year securities that are callable on the fifth year.

The proposed issuance is subject to approval of the Bangko Sentral ng Pilipinas.

The purpose of the new debt is to increase and strengthen the PSBank's capital base in anticipation of the Bangko Sentral ng Pilipinas implementing Basel III guidelines in 2014. The issuer said the issuance will allow it to freely pursue its expansion plans.

Philippine Savings is a Makati City, Philippines-based subsidiary of Metrobank Group.

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