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China Banking raises 6.35B pesos in 2nd tranche of LTNCDs issue


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China Banking raises 6.35B pesos in 2nd tranche of LTNCDs issue

China Banking Corp. raised 6.35 billion pesos from its issuance of long-term negotiable certificates of time deposits, or LTNCDs, BusinessWorld reported June 3.

The issuance is the second tranche in the bank's 20-billion-peso LTNCD program. The public offer for the second tranche was conducted from May 15 to May 26 and received strong demand, China Banking CEO Ricardo Chua said during the listing of the investment instruments on June 2.

The bank plans to use the proceeds from the issue to boost its long-term deposit base and long-term asset growth.

Standard Chartered Bank was the sole arranger, book runner and selling agent.

Meanwhile, the bank is aiming to establish 730 branches by 2021, said Alexander Escucha, the bank's senior vice president and investor and corporate relations group head.

As for the bank's acquisition plans, Chua said the bank is looking to expand organically but "acquisitions are always options."

As of June 3, US$1 was equivalent to 49.59 Philippine pesos.