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FDC to subscribe to more East West Bank shares

January 19, 2012 1:15pm

Filinvest Development Corp., which holds the business interests of the Gotianun family, is set to acquire additional shares in East West Bank, the group's lending arm.

In a statement to the Philippine Stock Exchange on Thursday, FDC said its board approved its P3-billion subscription to East West, representing up to 300 million common shares of the bank with a par value of P10 per share.

"East West Bank recently increased its authorized capital stock from P8 billion to P20 billion and shall be filing applications with the Bangko Sentral ng Pilipinas and Securities & Exchange Commission for the approval of the...increase," FDC said.

East West Bank officials earlier said the lender is seeking to increase its total bank resources to P100 billion.

In 2011, the bank acquired the Green Bank of Caraga, which has 46 branches. Also, the lender acquired the AIG Philam Savings Bank in 2009. -- CMA/OMG, GMA News