MANILA, Jan 22 (Reuters) - Philippines’ Metropolitan Bank & Trust Co said its board has approved a plan to raise up to 32 billion pesos ($721.86 million) through a rights offer, the latest in a string of Philippine banks to boost their capital.
In a disclosure on Thursday, the country's second-largest lender in terms of assets said the timing of the stock rights offering, which will increase common equity tier 1, is subject to regulatory approvals and market conditions. (bit.ly/1BHILs5)
The capital raising exercise will allow the bank to pursue business prospects and support growth, Metrobank said.
Reporting by Neil Jerome Morales; Editing by Stephen Coates