Chinabank readies P50-billion LTNCD issuance

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China Banking Corp. (Chinabank) is set to conduct fund-raising activities to expand its business operation.

In a disclosure to the local bourse on Thursday, the Sy-led Chinabank said its board of directors approved the bank’s funding program of up to P50 billion through a combination of long-term negotiable certificate of deposit (LTNCD), retail bonds and/or commercial papers.

Chinabank said the peso-denominated program will be used to fund the bank’s initiatives and expansion, particularly its lending business.

“This program will be used to fund the bank’s strategic initiatives and expansion, specifically in relation to the expected growth in the lending business,” Chinabank’s disclosure read.

“This is in line with bank’s intention to be an active participant in the ongoing economic expansion of the country and the government’s infrastructure initiatives.” — Karl Angelo N. Vidal