EastWest Banking Corp. has received formal notification from its board to proceed with its plan to buy up to 20-percent interest in an information technology (IT) consortium that prequalified in the bidding for the Automated Fare Collection System Project of the government.

In a regular meeting, the board of directors of EastWest granted authority to the listed bank to invest up to the maximum limit of 20 percent of the capital stock of E-trans Solutions Joint Venture Inc.

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