Philippines' East West Banking Corp to issue up to PHP5b preferred shares
New ventures also underway.
According to Maybank Kim Eng, East West Banking Corp (EW – BUY) disclosed it will issue up to PHP5b worth of preferred shares which will qualify as additional Tier 1 capital under Basel III rules. Maybank estimates this to boost Tier 1 capital by 3pps to 15.7%. Other details have yet to be disclosed. The bank also plans to engage in bancassurance and non-life insurance as well as establish a wholly-owned finance and leasing company.