MANILA, Philippines - Shareholders of United Coconut Planters Bank (UCPB) have approved an increase in the bank's authorized capital stock to about P40 billion.
The recapitalization of UCPB has the go-signal from the Department of Finance, Bureau of Treasury, Philippine Deposit Insurance Corp. and Presidential Commission on Good Government.
In a statement, UCPB said the move to increase capital will ensure the bank's long-term competitiveness, viability and growth.
The move will also ensure UCPB's compliance with BSP regulatory requirements called for by the more stringent conditions of Basel 3; and allow the bank to retire some of its government obligations.
source: www.abs-cbnnews.com
