City Savings Bank Inc. issued on Tuesday P5 billion worth of corporate notes, including P1.5 billion that will mature in three years and P3.5 billion in five years.
CitySavings’ issued the notes, which was priced at the lowest end of the pricing range, amid a favorable interest rate environment.
The bank will use the proceeds of the issue to finance asset expansion, especially loan portfolio, to extend the maturity profile of liabilities, and fund other general corporate requirements.
CitySavings was incorporated in Cebu City in 1965 as the Cebu City Savings and Loans Association. It has since expanded its branch network and business operations, establishing itself as a major player in the country’s thrift banking industry and earning a reputation for outstanding operational efficiency and exemplary performance and service to its clients.
It was acquired by Union Bank of the Philippines in 2013.