Reuters: Financial Services and Real Estate: Philippines' East West climbs on market debut

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Philippines' East West climbs on market debut May 7th 2012, 01:49 MANILA | Sun May 6, 2012 9:49pm EDT MANILA May 7 (Reuters) - Medium-sized Philippine lender East West Banking Corp jumped as much as 12 percent at its market debut on Monday following a $120 million share offering. The country's second IPO this year, and the first for any local bank since 2004, follows the $500 million maiden share sale last month of GT Capital Holdings Inc, the flagship of Philippine banking tycoon George Ty. East West rose to as high as 20.70 pesos ($0.49) against its IPO price of 18.50 pesos shortly after trades started, bucking the general weakness in the broader market which slipped 0.5 percent in early deals after hitting new record peaks last week. East West, owned by one of the country's largest family-owned conglomerates, Filinvest Development Corp, intends to use the proceeds to fund expansion of bank branches nationwide. Deutsche Bank and JP Morgan acted as bookrunners and international lead managers of the East West offering. Local firm Unicapital Inc was the domestic lead underwriter. ($1 = 42.3350 Philippine pesos) (Reporting by Erik dela Cruz; Editing by Rosemarie Francisco)

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