Philippines’ EastWest Bank in massive branch expansion
East West Banking Corporation is getting ambitious to the tune of P6.63 billion.
EastWest Bank is the Philippines’ sixth largest lender for housing, auto and credit cards.
It intends to raise the amount from an IPO and use part of the proceeds to add 75 more branches in Metro Manila to its existing network of 129 branches, an almost two-thirds increase in number.
The Bangko Sentral ng Pilipinas, the central bank, approved EastWest Bank’s application to open branches in Makati, Mandaluyong, Manila, Parañaque, Pasay, Pasig, Quezon City and San Juan.
The bank intends to offer 245.32 million common shares at a maximum of P23.50 per share. The offer shares consist of up to 141.06 million new common shares to be issued by EastWest Bank and 104.26 common shares owned by Filinvest Development Corporation (FDC).
Prior to the filing of the IPO, FDC invested an additional P3 billion into East West Bank to help fund its branch expansion plans. EastWest Bank is a subsidiary of FDC, a publicly listed company founded in 1955.
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Tags: East West Banking Corporation, EastWest Bank
