MANILA, Philippines - Fresh from its successful stock trading debut, EastWest Bank plans to raise another P5 billion by offering long-term deposits.
The Gotianun-led bank made the disclosure today at the stock exchange without elaborating.
The announcement comes just a month after EastWest listed on the Philippine Stock Exchange. The bank raised P5.2 billion from that IPO, which it said will be partly used to grow its branch network.
Long-term deposits are essentially time deposits but have longer maturities, larger denominations and are negotiable because they can be traded in the secondary market. - ANC