Union Bank raises P40 billion from stock rights offer
Union Bank of the Philippines (UBP) listed its stock rights offer (SRO) shares at the Philippine Stock Exchange (PSE) on Monday.
The P40 billion raised from the SRO will be used by the bank to pay for its acquisition of the Philippine consumer banking business of Citigroup, Inc.
In his welcome remarks, PSE President and CEO Ramon Monzon cited the bank’s acquisition of Citigroup, Inc.’s local business.
He said, this “will turbocharge UBP’s expansion in the retail banking space.” Monzon likewise mentioned UBP’s receipt of a digital banking license and said, “This is not surprising considering UBP’s proven track record as a forward-thinking bank that is constantly pushing the tech envelope forward.” PSE