Salmon Group secures $100M to fuel lending and expansion in the Philippines
Philippines' Salmon Group has raised US$100 million in funding through equity and bonds to strengthen its banking unit and expand lending, according to DealStreetAsia.
The package includes US$60 million in equity and a US$40 million public bond under Salmon's Nordic bond programme, priced at a 13.7% yield.
Spice Expeditions anchored the equity round, with Washington University Investment Management Company, Moore Strategic Ventures, FJ Labs and existing investors also taking part.
The equity proceeds will support product expansion, broader distribution and added capital at its banking business, while the bond proceeds are earmarked for lending growth.
The bank said in March that an earlier PHP 400 million injection would lift its pro-forma Core Equity Tier 1 ratio to 23.1% from 16.1%, and its total Tier 1 ratio to 29.2% from 22.8%.
Salmon has tapped both equity and bond investors repeatedly over the past year.
In June 2025, it announced a US$88 million funding package made up of a US$60 million drawdown under a three-year US$150 million Nordic bond framework and US$28 million in equity.
It then raised another US$50 million through an oversubscribed Nordic bond in September 2025.
Founded in July 2022 by Pavel Fedorov, George Chesakov and Raffy Montemayor, Salmon operates Rural Bank of Sta. Rosa Laguna Inc. and financing businesses in the Philippines.
