SEC approves PBCom capital restructuring

The Securities and Exchange Commission has approved the planned capital restructuring program of  Philippine Bank of Communications (PBCom).

 

In a statement to the Philippine Stock Exchange on Tuesday, the bank said restructuring includes reclassification of PBCom's existing preferred shares to common shares and the revaluation of par value of all common shares from P100 to P25 per share.

 

The bank will eventually raise its capitalization to P19 billion—comprising 760 million shares at a par value of P25 per share.

 

PBCom intends to enter into domestic and regional strategic partnerships in line with its strategy to grow its  presence in the banking industry 

 

Part of the plan is to rebrand its 63 branches.

 

The bank is investing heavily on information technology and improving its automated teller machine network. It plans to introduce more mobile and internet banking and other forms of alternative channels of distribution.

 

British fund Ashmore, which specializes in investing in emerging markets, is a leading stakeholder in PBCom. — VS, GMA News