EastWest plans to raise another P5 billion

Posted at 05/31/12 3:24 PM

MANILA, Philippines - Fresh from its successful stock trading debut, EastWest Bank plans to raise another P5 billion by offering long-term deposits.

The Gotianun-led bank made the disclosure today at the stock exchange without elaborating.

The announcement comes just a month after EastWest listed on the Philippine Stock Exchange. The bank raised P5.2 billion from that IPO, which it said will be partly used to grow its branch network.

Long-term deposits are essentially time deposits but have longer maturities, larger denominations and are negotiable because they can be traded in the secondary market. - ANC