By Jenniffer B. Austria | Apr. 27, 2013 at 12:01am
Asia United Bank, the banking arm of the Rebisco Group, plans to open 250 branches over the next five years, as it aims to become one of the top banks.
AUB first vice president Andrew Yap said in a presentation during an investors’ briefing the network expansion would be funded by the planned P9.68-billion initial public offering slated next month.
AUB’s branch network, including 28 acquired from Asiatrust Bank, consisted of 117 branches strategically located in Metro Manila and key cities as of end-2012.
The bank plans to open 20 new branches in Metro Manila in 2013 and 33 in 2014, as well as 25 outside Metro Manila in 2013 and 10 in 2014.
AUB also plans to sell up to 88 million shares, including 8 million option shares to cover the overallotment option. It said it would sell the shares at P80 to P110 apiece.
The bank expects to generate as much as P9.68 billion in proceeds, at the maximum offer price of P110 apiece.
AUB said it would determine the final offer price on May 3 while offer period would be from May 7 to May 14. Listing date was set on May 17.
AUB said net income in the first quarter rose 62 percent to P523 million from P323 million a year ago, backed by higher deposit loans and trading income.
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