Metrobank to raise $723m in rights offering

Metropolitan Bank Trust Company, the Philippine banking unit owned by local tycoon George Ty, has won approval for a P32 billion $723 million rights offering to help improve the bank’s core capital ratio.

If successful, the deal announced by Metrobank on Tuesday will be the country's largest equity capital raise in two years.

Metrobank has priced the rights offering at P73.50 per share, representing a 21.75% discount to the volume-weighted average price of the bank’s shares for each of the 10 previous trading days, according to the filing published on the Philippines Stock Exchange website.

The new shares are also being offered at...