EastWest buys into Green Bank – Filinvest

Filinvest Development Corporation informed the Philippine Stock Exchange (PSE) Thursday that its subsidiary, EastWest Bank, has paid P148.37 million to buy 85 percent of the total subscribed capital of Green Bank, a rural bank in Caraga, the northeast region of Mindanao. Filinvest said in a disclosure to the PSE its total acquisition of Green Bank for P175 million will be completed after EastWest makes a tender offer for the remaining shares of stock it has yet to by for P7.52 per share. Green Bank is the former Rural Green Bank of Caraga Inc. EastWest has secured Bangko Sentral ng Pilipinas (BSP) approval for the acquisition. Filinvest said Green Bank gives EastWest “entry to microfinance lending and access to the Visayas and Mindanao areas through 46 Green Bank branches" as well as assets valued at P3 billion. First Reliance Bank Meanwhile, the Philippine Deposit Insurance Corporation (PDIC) said depositors of the First Reliance Bank based in Indang, Cavite have started filing their deposit insurance claims against the former Rural Bank of Indang — the precursor of First Reliance — which the BSP closed and placed under PDIC receivership last August 18. PDIC said First Reliance depositors now have the claims forms distributed in the forum conducted last Tuesday. PDIC said the bank has 5,813 accounts with P152.6 million in deposits as of June 30, 2011. — ELR/VS, GMA News