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EAST WEST Banking Corp. (EastWest Bank) said it plans to raise P9 billion through a stock rights offering (SRO) to its shareholders to help fund its long-term expansion plans and digitalization. The bank’s board approved its proposed SRO on Thursday and will be supported by its major shareholders Filinvest Development Corp.
its shareholders to help fund its long-term expansion plans and digitalization. The bank’s board approved its proposed SRO on Thursday and will be supported by its major shareholders Filinvest Development Corp. and FDC Ventures, Inc., it said in a disclosure to the stock exchange on Thursday.
This will be done through the issuance of common shares from the bank’s authorized but unissued capital stock.
“This proposed rights offering positions EastWest for its next phase of growth while giving our existing shareholders the opportunity to participate in the bank’s long-term value creation,” EastWest Chief Executive Of“The additional capital will support continued expansion across our core businesses and enhance our ability to pursue strategic opportunities in a fast-evolving financial landscape, while strengthening our balance sheet,” he added. EastWest Bank said the amount expected to be raised from the offering is intended to fund its wealth and priority banking propositions as well as its digiIt also seeks to use the proceeds to strengthen its balance sheet and fund growth across the retail and business loan segments.
“The proceeds may likewise be utilized for the bank’s general corporate purposes and financing requirements,” it said. “The proposed transaction underscores EastWest’s commitment to sustaining growth, enhancing shareholder value, and maintaining a strong capital foundation to support its long-term strategy. ” While the bank’s board has okayed the proposed SRO, the final details remain subject to regulatory clearance from the Bangko Sentral ng Pilipinas and the Philippine Stock Exchange.
EastWest Bank will announce the final offer size and price, entitlement ratio, record date, and timetable once it receives theIt also tapped AB Capital & Investment Corp. to be the issue manager and sole underwriter for its issuance. EastWest Bank’s net income dropped to P1.56 billion in the second quarter from P2.3 billion a year prior. This brought its first-half profit to P3.42 billion, also down from P4.13 billion last year.
It held P623.9 billion worth of assets at end-June, with its consumer loan book standing P337.6 billion. EastWest Bank shares closed at P10.78 apiece on Thursday, down by 30 centavos or 2.71% from its P11.08 finish on Wednesday. —
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