The banking arm of the Gotianun family, EastWest Bank is beefing up its war chest through the issuance of bonds amounting to as much as P30 billion.
The bonds will be issued gradually over a span of five years.
EastWest Bank plans to use the proceeds from the bonds to support its asset growth, diversify funding sources, re-finance maturing liabilities, and for general funding purposes.
EastWest Bank is positioning itself as a leading consumer bank in the Philippines by investing significantly in data, technology, strategic partnerships, mergers, and raising capital.
Jerry Ngo, EastWest CEO, said the bank is making steady progress in its initiatives related to its staff and IT, which are aimed at propelling the institution into its next phase of growth.
In the first half of the year, the bank’s earnings more than doubled to P3.3 billion, with revenues rising by 29 percent to P16.3 billion.
In a separate announcement, EastWest Bank disclosed the resignation of Francis Nathaniel Gotianun from his position as a director of the bank, effective September 1, 2023, due to personal reasons.
Francis, who is the son of Jonathan Gotianun, also holds directorial roles in other companies within the Gotianun business conglomerate, including Filinvest Land, Filinvest REIT, Filinvest Mimosa, and Corporate Technologies.