UnionBank cuts rights offer size to P12B

Aboitiz-led Union Bank of the Philippines is downsizing a planned rights offering to a maximum of P12 billion after signing a P20-billion loan deal in November. | miguelrcamusINQ /PDI

Last month, UnionBank signed a three-year $358-million syndicated loan.

Last May, it raised P40 billion from a stock rights offer to partly finance the takeover of Citi Philippines’ consumer business and sold P11 billion in bonds last June. Net income from January to September dropped 5.6 percent to P10.1 billion but was up 67 percent to P4 billion in the third quarter alone after the lender completed the P72 billion takeover Citi’s Philippine assets.

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