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Manila Bulletin devider Business devider PSE approves Union Bank's P40-B SRO

PSE approves Union Bank's P40-B SRO

Published Mar 31, 2022 03:24 pm

The Philippine Stock Exchange has approved Union Bank of the Philippines’ planned stock rights offering worth up to P40 billion.

In a disclosure, the bank said the PSE has approved UBP’s application to list up to 800 million additional common shares to cover its stock rights offering to al shareholders as of the record date of April 11, 2022.

The rights shares will be offered at P64.55 to P73.78 apiece with the final offering price and number of offer shares to be set on Apr. 4, 2022. The offering will run from Apr. 25 to May 6 with tentative listing date on May 16, 2022.

Union Bank said it intends to use the proceeds from the rights offer primarily to partially fund the acquisition of the consumer banking business of Citigroup, Inc. in the Philippines, and if any amount of net proceeds is remaining, for general corporate purposes.

CLSA Exchange Capital, Inc. and ING Bank N.V., Manila Branch have been tapped by Union Bank to be the Joint Global Coordinators and Joint Domestic Underwriters for the rights offering.

UBP reported a 9 percent improvement in net income to P12.6 billion in 2021, translating to above-industry return on equity of 12.0 percent.

In an earlier disclosure to the PSE, the bank said its net revenues were at an all-time high of P45.1 billion, up 7 percent year-on-year (YoY).

Net interest income grew 4 percent to P29.8 billion due to the sustained increase in net interest margins (up 9bps to 4.6 percent). Lower funding costs from the record increase in CASA deposits supported margin growth.

Non-interest income also rose 14 percent to P15.3 billion. This was driven by higher fees, service charges, as well as FX gains, and trading income.

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