The IFC will invest up to $100 million in City Savings Bank’s gender bond issuance, aimed at funding more consumer loans for women and marginalized sectors in the Philippines.
Aboitiz-led Union Bank of the Philippines is eager to move forward from the costly integration of Citi’s consumer business, which has taken a toll on the banking giant’s bottom line, including a P1.1 billion one-time charge during the first quarter of the year.
The Aboitiz Group’s UnionBank of the Philippines is raising up to P10 billion through the sale of shares to existing stockholders—an exercise known as a stock rights offer.