East West Bank sees P9B from stock offer
THE Gotianun-led East West Banking Corp. is set to raise some P9 billion from its stock rights offering at the Philippine Stock Exchange.
The lender said its board has approved the said funding exercise, and will be backed by its major shareholders, Filinvest Development Corp. and FDC Ventures Inc.
EastWest is the banking arm of the Filinvest Group and one of the country’s leading consumer-focused banks.
As of June, it had total assets of P623.9 billion and one of the largest consumer loan portfolios in the Philippine banking industry, amounting to P337.6 billion.
Key terms of the transaction, including the final offer size, entitlement ratio, offer price, record date, and timetable, will be determined and announced upon receipt of the necessary approvals, the bank said. VG Cabuag
Manulife, Chinabank renew partnership
THE Manufacturers Life Insurance Co. (Manulife) and China Banking Corp. (Chinabank) renewed their bancassurance partnership for another 15 years to expand access to insurance, health, savings and wealth-management solutions.
A joint statement issued read that the insurer and lender extended their collaboration through the Manulife China Bank Life Assurance Corp. (MCBL).
A joint venture between Manulife and Chinabank, the company distributes life insurance and other financial products through 650 Chinabank and China Bank Savings Inc. (CBS) branches nationwide.
Both organizations said MCBL has gained fresh momentum since the renewal of the partnership, recording double-digit year-on-year growth.
MCBL began operations in October 2007 and serves customers of Chinabank and CBS. In 2014, Chinabank increased its equity stake in MCBL to 40 percent. Reine Juvierre S. Alberto
Pru Life UK re-launches plan
THE Pru Life Insurance Corp. of UK (Pru Life UK) re-launched a savings and protection plan with a one-time single premium of P50,000, the life insurer said last Thursday.
A statement read that the plan, called ‘PruLove Wealth Direct,’ is crafted for customers seeking savings solutions without the need for large upfront contributions or recurring payments.
The plan provides a guaranteed annual cash benefit equivalent to 4 percent, which Pru Life UK said is comparable to high-yield time deposits. It also comes with life insurance coverage of up to 125 percent of the premium paid, providing protection for beneficiaries while customers build their savings.
Customers are covered for seven years and are guaranteed a 100 percent return of their premium at the end of the seven-year term, provided the insured is alive through the end of the policy period. Reine Juvierre S. Alberto