Rafael Algarra is the senior executive vice president of East West Banking Corporation (EastWest).
He is also the treasurer of the Philippine financial institution. Algarra remarked that Filipino consumers are confident with the local commercial banks.
They also find these institutions trustworthy, he added. Algarra’s comments come as EastWest successfully issued maiden fixed-rate bonds.
Due in 2023, the latter carries an interest rate of 4.5 percent per annum. Moreover, these bonds are to be paid quarterly for three years.
The fixed-rate bonds of EastWest have their listing date on the Philippine Dealing and Exchange Corporation or PDEx on February 21.
The lead arrangers of the fundraising activity include Unicapital Incorporated and EastWest as its selling agents.
EastWest triumphantly raised P3.7 billion in its latest maiden bond issuance activity, as per the news posted online by The Philippine Star, an English-language print and digital newspaper.
Investors swarmed the fixed-rate bonds that resulted in an over-subscription of nearly double the P2-billion offering.
Algarra pointed out that despite the robust liquidity position of fixed-rate bonds, issuing them is evidence of the commitment of EastWest to continuously grow its roster of investments that it can offer to the Filipino consumers.
Algarra cited that they recognize their investors as their collaborators in prosperity.
They assure their partners in success that they will carry on in offering alternative investment outlets, Algarra remarked.
In terms of assets, EastWest ranks 11th as the largest lender of the Philippines.
In June 2019, the financial institution made it known to the public that it intends to raise as much as P10 billion through the issuance of fixed-rate bonds in one or more tranches.
EastWest is a subsidiary of the Filinvest Development Corporation that the late taipan Andrew Gotianun established.
The financial firm is one of the major conglomerates of the Philippines. EastWest has a varied range of interests.
They consist of power generation, banking, tourism, real estate, sugar, and hospitality. ‘
As one of the most consumer-focused banking institutions, the earnings of EastWest surged by 43 percent to P4.6 billion, starting from January to September 2019.
These figures are compared to a year-ago level of P3.2 billion, as revenues increased by 11 percent to P21 billion from P18.9 billion.
The loan book of EastWest registered a double-digit increment of 13 percent to P264.3 billion.
Meanwhile, the bank’s deposit base increased by 10 percent to P291.6 billion. The total assets of EastWest ballooned by 15 percent to P387.3 billion.
As of the end of September last year, EastWest has a total of 391 branches. Two hundred twelve of these banking facilities are located in Metro Manila.
The entire ATM network of the financial institution totals to 583. They comprise 184 off-site ATMs and 399 on-site ATMs.
East West Banking Corporation (PSE: EW) closed on February 18, 2020 at P11.46 per share, up by 0.02 or 0.17 percent. The total value reached P1,488,058.00.
The 52-week high of EastWest is at P13.64, as per the data posted online by the Philippine Stock Exchange.
Meanwhile, the financial institution’s 52-week low is at P10.74.
- Key Prices for PH Bluechip Stocks 30% Above 52-Week Low - June 4, 2024
- May 2024 Market Sentiment Rating of 30 PH Bluechip Stocks - June 3, 2024
- EquiTalks: ICT, BPI, AEV Updates – 5.29.2024 - May 29, 2024
