BSP approves P.G. Holdings, Inc.’s Investment in PBCOM
The Philippine Bank of Communications (PBCOM) announced today, 23 September 2014, that the Bangko Sentral ng Pilipinas (BSP) has approved P.G. Holdings, Inc.’s investment in PBCOM.
In a Resolution dated 18 September 2014, the Monetary Board approved P.G. Holdings Inc.’s subscription to 181,080,608 newly-issued common shares of PBCOM. This subscription, which increases the Bank’s issued shares to 480,645,164, gives Mr. Lucio L. Co’s P.G. Holdings, Inc. a 37.7% stake in the bank. It culminates the capital-raising activities the Bank pursued earlier this year.
Having recently celebrated its 75th Anniversary, PBCOM is poised for growth. Aguas further notes, “As we turn 75, we are keeping our sights on how we can make PBCOM bigger and stronger in the years to come. Having major investors such as Mr. Lucio & Mrs. Susan Co, who sit at the helm of an expanding, diversified enterprise, provides us with a strong platform upon which to build the next 75 years and beyond.”