Bank of Commerce (BankCom) said the remaining P940 million in proceeds from its initial public offering (IPO) would be used for lending activities, deviating from the original purpose to fund various IT upgrades.
BankCom said in a stock exchange filing on Wednesday it would instead finance IT upgrades with its own earnings since negotiations with technology vendors allowed the bank to stretch payments over multiple years.
“[W]ith the significant increase in BankCom’s profit run rate over the past year, IT investments can already be fully funded by revenues from its regular banking operations,” BankCom said.
The lender noted more than 70 percent of the P3.4 billion IPO proceeds w…
Keep on reading: Bank of Commerce realigns remaining IPO proceeds
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