Bankero Edwin Bautista disposed shares of Aboitiz-led Union Bank of the Philippines worth close to P20 million last month.
The selling spree started from March 14 to 30 at a price range of P89 per share to as much as P95 per share.
The president and CEO of UnionBank sold 11,390 shares at P95 per share for a total consideration of P1.082 million last March 14.
The following day, Bautista unloaded 2,690 shares at P95 per share for P255,550.
Between March 18 and 21, the bankero disposed 1.052 million shares at a price range of P89 to P90.40 per share, raising P1.147 million.
Last March 30, Bautista sold 174,780 at P95 per share for a total consideration of P16.604 million.
The bank’s stock rights offering is set to kick off towards the end of April until the first week of May this year, where UnionBank is set to sell 800 million shares at a price range of P64.55 and P73.78 billion per share. Final price is set to be determined on April 4.
Eligible shareholders led by Aboitiz Equity Ventures (AEC), The Insular Life Assurance Co. Inc., and pension fund manager Social Security System (SSS)
are entitled to participate in the offering that will start on April 25 and end on May 6.
UnionBank aims to raise approximately P40 billion to partially fund the acquisition of the retail banking business of global banking giant Citigroup Inc. in the Philippines.