Manila—(PHStocks)—Metropolitan Bank & Trust Company (Metrobank, PSE: MBT) received Board approval to issue a Program of up to PhP20 billion worth of long-term negotiable certificates of deposit (LTNCDs).
The Bank intends to take advantage of the ample liquidity in the market and to lock-in long term funding. The first tranche of the Program is expected to be launched early next year, subject to receipt of regulatory approvals.
Metrobank was recently upgraded to investment grade status by Moody’s Investors Service (Moody’s). The Bank has a Bank Financial Strength Rating (BFSR) and deposit rating of Baa3, at par with the Republic of the Philippines.
Metrobank was also recently named the 2013 Strongest Bank in the Philippines by The Asian Banker. This is the second time for Metrobank to receive the recognition. The Asian Banker evaluated all commercial banks in the Asia-Pacific region across different financial metrics including balance sheet quality, risk management and profitability.
Metrobank ended the first semester 2013 with PhP1.2 trillion in consolidated assets and the largest consolidated branch network among Philippine banks with 832 domestic branches supplemented by 1,822 ATMs nationwide.