Standard Chartered Bank reinforces partnership with SMC Group as it facilitates BankCom’s P18-B bond
In February this year, Bank of Commerce (BankCom) listed its largest bond nearly four times its original target at P18 billion. An affiliate of the San Miguel Corporation (SMC) since 2008, BankCom has since reported a strong first-half performance, driven by its core business growth, strategic tech investments and expanding digital offerings.
“The successful bond issuance marks a pivotal milestone for the bank. This milestone is not just a financial achievement, but more importantly, it is the catalyst that launches our trajectory of future growth in focal areas, which our clients deem to matter most to achieving their success,” BankCom President and CEO (PCEO) Michelangelo R. Aguilar said in an interview with BusinessWorld.
Mr Aguilar noted that the bond issuance is an asset-liability exercise to match and manage long-term assets (i.e., consisting of term loans, mortgages, and auto loans) with long-term funds. While that may sound like the company’s fiduciary duty from the get-go, he said nothing about the transaction can be called routine.
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