Big banks raise more money

Two tycoon-backed local banks are raising more funds to bolster the expansion of their lending activities.

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Aboitiz-led Union Bank of the Philippines (UnionBank) has raised P16 billion from its upsized, dual tranche offering of peso-denominated fixed-rate bonds under its P100-billion PHP bond program, marking its return to the domestic capital markets since 2023.

In a disclosure to the Philippine Stock Exchange (PSE), the bank said the offering saw strong interest from institutional and retail investors, with both tranches exceeding their initial targets of P5 billion each.