October 16, 2008 / 2:14 AM / 9 years ago

Manila's BPI to raise up to $313 mln for acquisitions

MANILA, Oct 16 (Reuters) - Bank of the Philippine Islands (BPI.PS), the country's third biggest lender, said on Thursday it would raise as much as 15 billion pesos ($313 million) via a lower tier 2 capital issue to fund possible acquisitions.

The bank's parent, Philippine conglomerate Ayala Corp (AC.PS), said earlier this month it was interested in acquiring the Philippine flagship of the American International Group Inc (AIG.N).

($1 = 48 pesos)

Reporting by Rosemarie Francisco

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