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December 06, 2022

BankCom reallocates IPO proceeds to lending

San Miguel Corporation’s financial arm said it aims to realign its funds.

Bank of Commerce announced it would realign the remaining P940 million from its initial public offering proceeds to lending activities instead of the initial plan of spending it for information technology purposes.

The bank said in a disclosure to the local bourse that it utilized more than 70 percent of its P3.367-billion financing proceeds from the public offering for loans and securities purchases. It said the bank management and board reviewed their strategy and intends to use the remaining P940 million for IT capital expenditure requirements.