Filinvest commits support for EastWest's P9-B stock rights offering

Filinvest Development Corp. (FDC) has reaffirmed its financial support for East West Banking Corp. (EastWest) as the banking subsidiary prepares to raise P9 billion through a stock rights offering (SRO) to strengthen its capital base and fund expansion.

EastWest has set the final offer price at P10.80 per share, with principal shareholders FDC and FDC Ventures Inc. committing to fully subscribe to their respective entitlements.

Rhoda A. Huang

President and CEO, FDC

Capital commitment

The Filinvest Group has also committed, through a wholly owned subsidiary, to subscribe to any remaining shares not taken up following the institutional offer, subject to the offering's terms.

FDC president and CEO Rhoda A. Huang said the commitment reflects the conglomerate's confidence in EastWest's long-term growth prospects.

"We believe strongly in EastWest's long-term growth prospects and its strategy to build a stronger consumer, wealth, and digital banking franchise," Huang said.

Growth priorities

The planned capital raising is expected to support EastWest's digital transformation initiatives, expansion of wealth and priority banking services, and lending growth across key customer segments.

Huang said Filinvest remains committed to providing the capital needed to sustain the bank's expansion.

The offering underscores the group's continued investment in strengthening EastWest's competitive position in the Philippine banking industry. —Ed: Corrie S. Narisma