Metrobank gets SEC nod to raise capital to P100B ahead of Basel III

Metropolitan Bank & Trust Co. is increasing its capital stock to P100 billion, following regulatory approval, which the bank sought in preparation for the Basel III implementation starting Jan. 1, 2014, the bank said Friday.

 

“Please be advised that the Securities and Exchange Commission has approved the application by Metropolitan Bank & Trust Co. of the application for the increase in its capital stock from P50 billion divided into 2.5 billion common shares with a par value of P20, to P100 billion divided into 4 billion common shares and 1 billion preferred shares, each with a par value of P20,” the bank said in a disclosure to the Philippine Stock Exchange.

 

The SEC also approved a stock dividend of 633,415,805 common shares for subscriptions to the increase in capital stock. The bank said the record date for stock dividend is Sept. 3, 2013, and payment date is on Sept. 16.

 

The bank closed the first six months of the year with P1.2 trillion in consolidated assets, P135.6 billion in equity, and capital adequacy ratio (CAR) of 18.1 percent and Tier 1 CAR at 15.7 percent. — VS, GMA News