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San Miguel's Bank of Commerce debuts on Philippine Stock Exchange

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ABS-CBN News

<p>MANILA - San Miguel Corp&#x27;s affiliate Bank of Commerce listed on the Philippine Stock Exchange on Thursday following a successful initial public offering. </p><p>BankCom has raised a total of P3.36 billion in its IPO which ran from March 16 to March 22, 2022, the company said in a disclosure on Friday.</p><p>&quot;BankCom&#x27;s strategic vision in going public is to play a major role in the future of San Miguel and our country,&quot; SMC president and CEO Ramon Ang said.</p><p>&quot;We expect the bank to continue to grow in the coming years, achieve economies of scale, improve efficiency and serve more Filipinos, from retail customers, small-to-medium enterprises, to major corporate clients, as Philippine economic growth gets back on track,&quot; Ang added.</p><p>Proceeds from the IPO will fund the bank&#x27;s lending activities and finance capital expenditure requirements in line with the upgrade of its ATM fleet and its core banking system, it said. </p><p>An analyst earlier said IPOs this year would benefit from eased mobility restrictions and returning consumer and investor confidence.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/video/business/03/31/22/economic-recovery-consumer-confidence-to-boost-ipos">Economic recovery, consumer confidence to boost IPOs this year: analyst</a></li>	<li><a href="https://news.abs-cbn.com/business/02/16/22/sec-oks-bank-of-commerce-ipo-san-miguel-bond-offer">SEC clears Bank of Commerce IPO, San Miguel bond offer</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe __idm_id__="2170881" allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1982445" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

San Miguel Corp's affiliate Bank of Commerce listed on the Philippine Stock Exchange on Thursday following a successful initial public offering. 