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Philippines' SEC approves East West Banking's leasing unit

The Philippines' Securities and Exchange Commission approvedthe registration and incorporation of East West Leasing & Finance Corp., awholly owned subsidiary of EastWest Banking Corp.

East West Leasing & Finance President Armando InabanganJr. said the firm has received all major regulatory approvals and is nowapplying for local business permits and licenses. The company is expected tocommence operations in the next few weeks.

The SEC approved the registration and incorporation Oct. 6,according to an Oct. 12 filing.

In July, the Philippine central bank approved the lender's100 million pesos equity investment into East West Leasing & Finance.

As of Oct. 11, US$1was equivalent to 48.70 Philippine pesos.