PHILIPPINES PRESS-Metrobank raises $353 mln Tier 2 capital - Star

Sun Mar 23, 2014 9:08pm EDT

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Metropolitan Bank & Trust Co, one of the Philippines' three biggest lenders, has raised 16 billion pesos ($353 million) from the issuance of Tier 2 notes to comply with the Basel III capital framework, the Philippine Star newspaper reported.

The issue was 2.7 times oversubscribed with strong demand from both institutional and retail investors, prompting Metrobank to close the offer period three days early and double the issue size.



NOTE: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 45.3000 Philippine Pesos) (Compiled by Manila Newsroom; Editing by Anupama Dwivedi)