MANILA, Philippines - EastWest Banking Corp. (EastWest) has been included in the list of MSCI’s Global Small Cap Indices.
MSCI Inc. is a leading provider of investment decision support tools worldwide, including indices, portfolio risk and performance analytics and corporate governance services.
EastWest Bank is one of only two organizations from the Philippines that was added to the MSCI index list, placing it in the same category as similar fast-growing companies in Asia Pacific, US, Europe and Africa. Among these are Neptune Orient Lines in Singapore, Foxconn International in Hong Kong, Hopewell Hwy Infra of China, and Seiko Epson Corp. of Japan.
The MSCI Small Cap Index is designed to measure the equity performance of small cap stocks in developed and emerging markets throughout the world.
The inclusion of EastWest Bank in the MSCI global small cap index also shows that credible rating organizations are monitoring the current state of the country’s banking sector, and identifying potential and promising financial institutions and companies where investors can wisely put their investments.
The bank is currently ranked 17th in terms of assets and deposits and 15th based on total loans, out of 37 commercial and universal banks in the country.
EastWest’s capital levels have grown by 5.7 times or an annual compounded growth rate of 37 percent from P2.9 billion in 2006 to P16.5 billion in second quarter 2012, from profits, infusion by its parent – Filinvest Development Corp. and from its initial public offering (IPO).
Its assets, deposits, and loans have grown at an annual compounded growth rate of 23 percent, 20 percent and 25 percent, respectively from 2006 to second quarter of 2012 – a clear proof of the rapid growth of the company, one of the reasons EastWest Bank was included in MSCI’s global small cap index’s list that took effect end November 2012.
Aside from rapid expansion through acquisitions and mergers with other banks, another expansion program of EastWest Bank is capital buildup, which includes public listing on the Philippine Stock Exchange (PSE). The universal bank is a subsidiary of the Filinvest Development Corp. (FDC), the publicly listed holding company of the Filinvest Group.
source: philstar.com
