BANK of Commerce (BankCom) has announced that it has generated 3.36 billion pesos from its initial public offering (IPO) on the Philippine Stock Exchange.
The San Miguel Corp. affiliated lender. (SMC), which made its public debut on Thursday under the symbol “BNCOM”, said in a statement that the IPO consists of 280.60 million ordinary shares at P12.00 per share issued from of March 16. at 22 this year.
“BankCom’s strategic vision is to be on par with the country’s leading national banks. We expect the bank to continue to grow in the coming years, achieve economies of scale, improve efficiency and serve more Filipinos, from retail customers to small and medium enterprises, to large enterprise customers, as the Philippines’ economic growth gets back on track,” said Ramon Ang, President and Chief Executive Officer (CEO), SMC, quoted in the press release.
“The commitment of our shareholders during this IPO reflects the high level of confidence that investors and customers have in the significant growth opportunities for BankCom in the years to come,” said President and CEO. of the management of BankCom, Michelangelo Aguilar.
Proceeds from the IPO will be used to fund the bank’s lending activities as well as capital expenditures, according to the bank.