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Robinsons Bank to get 3B pesos in fresh capital

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Robinsons Bank to get 3B pesos in fresh capital

Robinsons Bank Corp. will receive 3 billion Philippine pesos in fresh capital from its parent companies by July, The Philippine Daily Inquirer reported May 29.

Robinsons Retail Holdings Inc. will inject 1.2 billion pesos in the bank, while JG Summit Holdings Inc. will invest 1.8 billion pesos in fresh capital, said Lance Gokongwei, CEO and president of JG Summit.

The additional capital will help the bank meet the 15 billion pesos minimum capital required by the Philippines' central bank for a lender to operate a network of over 100 branches, Gokongwei added.

JG Summit holds a 60% stake in Robinsons Bank, while Robinsons Retail Holdings holds the other 40%.

As of May 28, US$1 was equivalent to 52.58 Philippine pesos.