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April 12, 2024

PBB secures P5 billion capital boost for expansion

The Securities and Exchange Commission has approved the P5 billion capital hike of Zest-O owner Alfredo Yao’s Philippine Business Bank.

PBB is increasing its authorized capital stock to P15 billion from P10 billion in preparation for the continuing expansion of the bank’s core deposit-and-lending business.

According to PBB, an expanded capital base will allow the bank to grow its risk assets and provide financing to its clients.

PBB is converting its existing perpetual preferred shares to convertible shares. This allows participating preferred shareholders to convert their holdings to common shares. The bank expects this conversion to ultimately reduce its financing costs.

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