EastWest Bank’s capital hike to P50B ok’d
Gotianun-led East West Bank has obtained go-signal from the Securities and Exchange Commission to jack up its authorized capital to P50 billion from P20 billion, to support the bank’s aspiration to be a much bigger bank.
The new authorized capital consists of 4.5 billion common shares and 500 million preferred shares with a par value of P10 each.
Previously, the bank was authorized to issue only 1.5 billion common shares and 500 million preferred shares with par value of P10 each.
The SEC approved an amendment in the bank’s bylaw to reflect this increase in authorized capital. The goal is “to enhance board’s effectiveness in conducting its business and to provide flexibility to the bank for future capital requirements,” East West Bank said in a disclosure to the Philippine Stock Exchange on Wednesday.
Antonio Moncupa, East West vice chair and chief executive officer, had said that the bank’s architectural infrastructure had been designed to be a bigger bank.