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BDO Unibank seeks to raise 60B pesos in rights offering

BDO UnibankInc. is seeking to raise 60 billion pesos through a stock rightsoffering to support its medium-term growth objectives.

The proposed offering will also provide the bank with abuffer over higher capitalrequirements with the forthcoming gradual imposition of thedomestic systemically important bank surcharge.

SM Investment Corp., the bank's controlling and majorityshareholder, will subscribe to its proportionate shares in the rights offeringand is also willing to underwrite any shares not taken up by minorityshareholders.

The bank said it will disclose details of the rightsoffering once these are finalized.

Meanwhile, BDO Unibank said Teresita Susana Lim Yap retiredas senior vice president and head of institutional banking group - commercialbanking (Luzon and Metro Manila South), effective Oct. 1.

As of Sept. 23, US$1was equivalent to 48.08 Philippine pesos.