Philippines' Metrobank eyes up to $462 mln via deposit product

MANILA, July 24 Wed Jul 23, 2014 10:33pm EDT

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MANILA, July 24 (Reuters) - Metropolitan Bank & Trust Co (Metrobank), the Philippines' second-biggest lender by assets, said it would raise up to 20 billion pesos ($462 million) through an offer of long-term negotiable certificates of deposits.

The timing of the offering will be determined after regulatory approvals have been received and subject to market conditions, Metrobank told the Philippine Stock Exchange on Thursday.

Metrobank has raised 22.5 billion pesos this year from Basel III-compliant Tier 2 notes, including 6.5 billion pesos from this week's offering to institutional and retail investors.

The bank said it would use the extra cash to capitalise on growth opportunities in the expanding domestic economy.

($1 = 43.3 pesos)

(Reporting by Erik dela Cruz; Editing by Stephen Coates)

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