East West Banking Corp., a subsidiary of Filinvest Development Corp., said Friday it is planning a bond issuance of up to P30 billion to support growth.
East West said in a disclosure to the stock exchange the bonds would be issued through a staggered program over a period of five years. The bank’s board on Aug. 31 approved the request of its treasury group to inform the Bangko Sentral ng Pilipinas, Securities and Exchange Commission and the Philippine Stock Exchange about the issuance.
It said the proceeds would be used “to support asset growth, diversify funding sources, and re-finance maturing liabilities, as well as for other general funding purposes.”
The sustained momentum from its lending portfolio doubled the bank’s net income in the first half to P3.3 billion from a year ago.