EastWest forms brokerage, plans stock rights offer

EastWest Banking Corp. said it has secured board approval to form a brokerage unit and conduct a stock rights offering this year to raise funds to beef up capital.

In a disclosure to the stock exchange, EastWest said its board of directors has approved a stock rights offer this year as well as the “establishment of a wholly-owned insurance brokerage subsidiary for its non-life products.”