PHILIPPINE National Bank , the banking arm of the Lucio Tan Group, plans to raise at least $300 million in fresh funds via a note offering in support of growth initiatives.The PNB board, in a meeting last week, approved and confirmed the updating of its euro medium-term note program amounting to $2 billion, the bank said in a regulatory filing on Monday.
'The country's sustained economic growth will provide the bank with more opportunities to increase its profitability.'PNB also intends to explore new business opportunities and deepen its market penetration in the small and midsize enterprise and consumer spaces.It vowed to continue helping to build a competitive and inclusive economy while empowering its clients and investors through its sustainable financing framework.