MANILA, Philippines - East West Banking Corp., the main banking unit of the Filinvest Group, is planning to put up a wholly-owned finance and leasing company.
In a disclosure to the Philippine Stock Exchange, EastWest said its board has approved a plan to set up new subsidiary to handle its finance and leasing business.
The board also approved the bank’s plan to engage in the bancassurance business and in non-life insurance either as a general agent or as a broker.
The East West board likewise agreed for the issuance and listing of up to a maximum of five million perpetual non-cumulative Tier 1 preferred shares at par value of P10 per share that would qualify as additional Tier 1 capital of the bank under Basel III regulations.
The bank also said its board gave its go-signal for the amendment of its articles of incorporation to allow the change of its principal office from Metro Manila to The Beaufort, 5th Ave., corner 23rd St., Fort Bonifacio Global City, Taguig City.
EastWest, one of the fastest-growing banks in the country, is on track of its plan to put up 350 branches in 2014.
EastWest said it now has 245 branches or a two-fold increase from 122 as of end-2011.
East West started operations in Aug. 1, 1994.
The bank is a subsidiary of the Filinvest Development Corp. (FDC), the publicly-listed holding company of the Filinvest Group that evolved from a consumer business founded by Andrew L. Gotianun Sr. in 1955. FDC is one of the country’s premier conglomerates, with business interests in real estate, banking, sugar, hospitality & tourism, and power-generation.
In 2012, the bank established 123 new branches in different areas in Metro Manila, Luzon, Visayas and Mindanao.