Veterans Bank targets postwar veterans, AFP retirees as shareholders
HERE’S a great investment opportunity for post-war II veterans, AFP Retirees and their families in Pangasinan.
Philippine Veterans Bank’s (PVB) capital raising efforts is targeting new shareholders among post-war II veterans, AFP Retirees and their families.
Until recently, PVB was owned exclusively by over 385,000 World War II veterans and their compulsory heirs. But the Bank’s new Charter changed this provision and now allows other veterans as defined by the law to become stockholders after the passage of Republic Act 11597, or the Philippine Veterans Bank Act, last December 2021.
This includes Korean and Vietnam War veterans such as veterans and their widows and descendants, as well as retirees of the Armed Forces of the Philippines (AFP) and their immediate family members. Under the same law, the authorized capital of the Bank was increased from P100 million to P10 billion.
Working under this expanded definition of “veterans”, the Bank already initiated talks with AFP retirees’ groups.
To further generate awareness for the capital-raising endeavors, PVB developed a shareholder campaign entitled “Invest in Heroism, Invest in PVB” which invites retired military personnel to buy PVB shares at P110/share at a minimum lot of 100 shares.
The Bank is targeting to raise P4.4B from the new veterans and retiree groups, and said funds will be used to further strengthen PVB’s core businesses and to fuel expansion. Currently, PVB remains very viable with total assets of PHP 66B with P29.9B in excess liquidity as of March 2023. Last 2022, Veterans Bank reported a net income of P268M. (PVB)
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