SMC’s Bank of Commerce debuts on the Philippine Stock Exchange following a successful IPO

San Miguel Corp.’s banking affiliate Bank of Commerce (BankCom) has debuted on the Philippine Stock Exchange (PSE) under the ticker “BNCOM” on March 31 after raising a total of P3.36 billion in an initial public offering (IPO) that ran from March 16 to 22, 2022.

“BankCom’s strategic vision in going public is to play a major role in the future of San Miguel and our country,” SMC President and CEO Ramon S. Ang said. “We expect the bank to continue to grow in the coming years, achieve economies of scale, improve efficiency, and serve more Filipinos, from retail customers, small-to-medium enterprises, to major corporate clients, as Philippine economic growth gets back on track,” he continued.

“The commitment from our shareholders during this IPO reflects the high level of trust that investors and clients have on significant growth opportunities for BankCom in the years to come, “BankCom President and CEO Michelangelo R. Aguilar added.

Proceeds from the IPO will fund BankCom’s lending activities and finance capital expenditure requirements to upgrade its ATM fleet and core banking system.

BDO Capital & Investment Corporation, China Bank Capital Corporation, Philippine Commercial Capital, Inc., and PNB Capital and Investment Corporation have been engaged as Joint Issue Managers, Joint Lead Underwriters, and Joint Bookrunners for the IPO.

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SMC's BankCom raises P3.36B in successful IPO - Bank of Commerce