MANILA, Philippines — East West Banking Corporation is putting up 75 new branches which will be partly financed by its planned domestic and international initial public offering worth a maximum of P6.63 billion.

Based on the firm’s registration statement filed with the Securities and Exchange Commission, the Gotianun bank said it will use proceeds from the primary portion of the IPO for the payment of bank branch licenses, the expansion of the branch network and implementation of IT (information technology) projects and for general corporate purposes.

The bank is planning to offer 245.32 million common shares at a maximum of P23.50 per share. The offer shares consist of up to 141.06 million new common shares to be issued by East West Bank and 104.26 common shares owned by Filinvest Development Corporation.

FDC is also planning to sell an additional 36.8 million East West Bank shares as a greenshoe option in case of excess demand for the IPO shares. This will raise the IPO size to P6.63 billion from P5.76 billion and the secondary offer size to P3.3 billion from P2.45 billion.

Prior to the filing of the IPO application, FDC also invested an additional P3 billion into East West Bank also to help fund its branch expansion plans.

The Bangko Sentral ng Pilipinas (BSP) earlier approved East West Bank’s application to open a total of 75 branches in Makati, Mandaluyong, Manila, Parañaque, Pasay, Pasig, Quezon City and San Juan.

East West Bank has to pay a non-refundable special licensing fee of P20 million per branch or a total of P1.5 billion for the licenses alone.

The bank has tapped Deutsche Bank AG Hong Kong Branch and J.P. Morgan Securities Ltd. to be the joint bookrunners and international lead managers while Unicapital Inc. has been named as the domestic lead underwriter.