East West to offer P10B high-yielding deposits

Gotianun-led East West Bank is raising as much as P10 billion from a fresh offering of high-yielding deposit notes.

In a disclosure to the Philippine Stock Exchange on Wednesday, East West said it had obtained approval from the Bangko Sentral ng Pilipinas to issue up to P10 billion in long-term negotiable certificate of deposits (LTNCDs).

LTNCDs are time deposits that have longer maturity and are higher yielding than regular deposits. These instruments are negotiable and insured with the Philippine Deposit Insurance Corp. up to the maximum coverage which is currently at P500,000 per depositor.