ABOITIZ-LED Union Bank of the Philippines (UnionBank) is increasing its peso-denominated bonds program to P50 billion from P39 billion.
The bank made the announcement in a disclosure to the stock exchange on Monday.'Please be informed that the board of directors of Union Bank of the Philippines at its regular meeting held on March 24, 2023, approved the increase in the bank's PHP Bonds Program from P39.0 billion to P50.0 billion and the issuance of up to P30.0 billion out of the Bonds Program,' it said.
Proceeds from the SRO will be used to solidify the bank's capital adequacy and financial strength, and to execute its strategic growth initiatives by expanding its balance sheet to meet growing demand from its target markets.Last year, UnionBank posted a net income of P12.7 billion, almost unchanged from the P12.6 billion net profit a year ago. This translated to a return on average equity of 9.
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