Gotianun-led East West Bank has mapped out a P50-billion capital build-up program to support its aggressive consumer-focused expansion over the medium-term.
In a disclosure to the Philippine Stock Exchange yesterday, East West said its board had approved an increase in authorized capital stock to P50 billion, more than double the current authorized capital stock of P20 billion.
The proposed capital of P50 billion will consist of 4.5 billion common shares with a par value of P10 per share and 500 million preferred shares with a par value of P10 per share.
The board also approved the declaration of 50 percent stock dividend or 750 million common shares to cover the required minimum subscription and payment for the increase of authorized capital stock.
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These matters will be up for shareholders’ approval in a special meeting scheduled this Aug. 30.
Antonio Moncupa, East West vice chair, earlier said that the bank’s architectural infrastructure was designed for it to become a bigger bank.
