Robinsons Bank generates P1.781B from LTNCDs

Robinsons Bank Corp. has raised P1.781 billion from Long Term Negotiable Certificates of Time Deposits (LTNCDs).

“We are continuously expanding and a lot of these proceeds will be used to support our lending and fully support our credit card business,” Robinsons Bank president and CEO Eldren Antonio Sarte said in an interview in Makati City.

With a yield rate of 4.8750 percent, the offering is set to mature on Jan. 16, 2024.

The bank intends to use the proceeds from LTNCDs for business expansion.

“When we started this five-year roadmap of the bank back in 2015. Our asset base then was P49 billion ... end of 2014. End of 2017, our asset size is ... P104 billion. So we are continuously expanding,” Sarte noted.

“I guess much will be for lending because it’s not a very big issuance. It’s only P1.78 billion. This year, our target guidance in terms of (asset) growth is about 30 percent and most of it is from lending,” he said.

Robinsons Bank tapped Metropolitan Bank & Trust Co., Multinational Investment Bancorporation, Philippine Commercial Capital Inc., and Rizal Commercial Banking Corp. as general broker specialists of the LTNCD transaction. —VDS, GMA News