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East West Banking Corp. will borrow money by issuing bonds to
institutional investors in order to support is expansion program
this year, Filinvest Development Corp. said Friday.
Jonathan T. Gotianun, FDC chairman, said the
bank will issue unsecured subordinated debt amounting to P1.2
billion this year pending approval of the Bangko Sentral ng
Pilipinas.
“The issuance of the Tier 2 is for the bank to
grow or expansion, because we have already exceeded P4 billion in
assets and doing very well,” Gotianun told reporters after FDC’s
stockholders meeting.
East West Bank is FDC’s financial and banking
services company.
Gotianun also said the bank plans to open 10
more branches this year from the present number of 77 across the
country.
The official also said the company is open to
any bank acquisition: “We are always looking for opportunities, we
keep our eyes open. And we’re always interested.”
In the first quarter of the year, FDC’s net
income jumped 192 percent to P554 million from a year ago.
Consolidated assets rose 3.5 percent to P118
billion, while stockholders’ equity and liabilities inched up by
almost 1 percent and 6 percent, respectively, from end-December last
year. Net income applicable to minority interests amounted to P230
million while that of the parent stood at P324 million.
East West posted a net revenue growth of 63
percent to P605 million year on year.
-- Chino S. Leyco
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