Banco de Oro raises $120 million from placement

Together with a sale of $150 million worth of shares to IFC and an IFC-linked fund at the same price, the Philippine bank is able to pocket $270 million of fresh capital.

Banco de Oro Unibank BDO, the largest bank in the Philippines in terms of assets, raised $120 million from a share placement late Monday, bringing the total amount of new funds raised to $270 million.

Earlier the same day, the bank announced that it had also sold $150 million worth of shares to the International Finance Corp and a fund founded by IFC and the Japan Bank for International Cooperation. The two transactions were made at the same price, which means the IFC and the fund, known as the IFC Capitalisation Equity Fund, essentially acted as anchors for the placement to other institutions.

The deal was definitely marketed on the back of the IFC...

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