Banking & Insurance

Prime Infrastructure Capital Inc. (Prime Infra) has convinced the Land Bank of the Philippines (Land Bank) to extend the business a P5-billion term loan to partially fund the development of water, sustainable energy and waste management projects across the country.

Maybank Philippines, Inc. has started its Islamic banking operations and has become the country's third lender operating under the shari'ah principles. 

Benguet Corp. signed on Wednesday an amendment to its Mortgage Trust Indenture and Deed of Chattel Mortgage with the Philippine Veterans Bank which marks a significant shift in the listed mining company's financial management, as it replaces Philippine National Bank with PVB as the successor trustee.

Treasury bill yields were mixed at the auction Monday, with average rates on six- and 12-month debt papers slightly higher despite strong demand. Total bids for the P20 billion offer was nearly three times at P53.5 billion, allowing the Bureau of the Treasury to increase the amount awarded to P22.6 billion. 

Citystate Savings Bank Inc. said Monday several shareholders of the listed lender, including the estate and other companies of the late Amb. Antonio Cabangon Chua, have agreed to sell their stakes to Singapore-based CS Capital Investments Pte. Ltd, a wholly-owned subsidiary of Hong Kong-listed CSC Holdings Ltd.