PSBank starts LTNCD offering

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Philippine Savings Bank (PSBank) has started its offer of long-term negotiable certificates of deposit (LTNCD) which will be used to expand its consumer banking segment.

In a regulatory filing Tuesday, July 24, the listed thrift banking arm of Ty-led Metropolitan Bank & Trust Co. (Metrobank) said it is offering at least P3 billion in LTNCDs with an option to upsize.

The LTNCDs will be offered from July 24 to Aug. 2, while issue date will be on Aug. 9.

The instruments will mature in five years and six months and carry an interest rate of 5% to be paid quarterly. — Karl Angelo N. Vidal