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July 21, 2024

EastWest Bank gets green light for P30 billion bond offering

East West Banking Corp. (EastWest Bank) has been granted approval by its board to issue bonds worth up to P30 billion over a five-year period.

This decision follows the bank’s strong financial performance, with its income doubling to P3.3 billion compared to the previous year, primarily driven by sustained momentum in its lending portfolio.

The bank intends to utilize the proceeds from the bond issuance to support asset growth, diversify funding sources, refinance maturing liabilities, and cover general funding needs.

EastWest Bank also reported a 29 percent increase in consolidated net revenues, reaching P16.3 billion, while net interest income expanded to P13 billion.