Robinsons Bank, a full-service commercial bank owned by conglomerate JG Summit Holdings Inc., said its board approved a P10-billion funding plan for 2020.
Robinsons Bank said in a disclosure to Philippine Dealing & Exchange Corp. it planned to raise P10 billion from the issuance of corporate notes, Long Term Negotiable Certificates of Deposits or corporate bonds in several tranches and tenors.
The bank, which is 60-percent owned by JG Summit Holdings Inc. and 40 percent by Robinsons Retail Holdings Inc., aims to be one of the top banks in the country, offering innovative and competitive financial products and services to clients.
The bank earlier drafted a five-year initiative roadmap that involves expanding lending and branch network, developing new products and services and exploring business opportunities within its target markets.
The bank in 2019 had aimed to expand its asset base by 32 percent. To generate core income, It also planned to increase gross loan portfolio by 32 percent and expand deposits by 33 percent.
The bank had intended to maintain a good asset quality and open 16 new branches across the country, and install 44 new ATMs. The bank’s distribution network consists of 149 branches and 310 ATMs.
Robinsons Bank in October raised P5 billion from the issuance of fixed-rate bonds to support lending activities.
The bond offering received the second-highest credit rating of PRS Aa from local debt watcher Philippine Rating Services Corp. (PhilRatings).
A PRS Aa rating means the company has a “strong capacity to meet financial commitments relative to that of other Philippine corporates. Robinsons Bank received a stable outlook in the next 12 months.
PhilRatings noted that the diversity, market and financial strength of the JG Summit Group presented Robinsons Bank with numerous opportunities, with the substantial size of the group providing a captured market for the bank’s various products and services.