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.

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