Philippines

FMIC’s debut access to the general capital markets has planned tenor of 5 years.

The proceeds of notes having 10 years and 3 months maturity will be used for lender’s expansion.

Robust operating income and disciplined expenses fuelled growth.

This should keep the government bond yields low in Q4 2011.

LBC Development Bank has been placed under receivership of the Philippine Deposit Insurance Corp.

Yet the realization of the move still depends on the health of US and European economy.

The lender’s non-interest income income from trading and trust and fee-based profits, income from securities trading and earnings from foreign exchange trading suffered fall.

The Philippine central bank allowed the lender to convert up to 41 of the 46 Green Bank branches.

The BSP attributes low incidence of problem loans to the adoption of prudent lending standards.

Metrobank’s profit is catching up with that of the industry leader BPI, which amounted to $146.4mn.

BDO, BPI, Citibank Philippines, HSBC and Metrobank agreed to form a body to keep track of good, bad borrowers.

The company’s largest product in terms of valuation is mutual funds’ assets reached $1.08bn.

The thrift bank achieves double-digit surge amidst interest rate competition on mortgage loans.

Yet operating costs surged 11%, with half of the increase coming from higher manpower costs due to a new agreement with the bank's labor union.

The pact gives access to Globe subscribers to various financial transactions such as payments, account inquiries and reloading from their PSBank account to their enrolled GCash wallet.

Industrial peace make the lender rake in more profits amid fierce competition in the industry.