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Philippine Lender East West Bank Said to Plan Sale of 20% Stake

East West Banking Corp., the Philippine lender that took over some of Standard Chartered Plc’s local operations last year, plans to sell a minority stake to a strategic investor, according to people familiar with the matter.

The retail-focused bank is working with an adviser to sell about a 20 percent stake, the people said, asking not to be identified because the discussions are confidential. Shares of East West have risen 26 percent this year, giving the lender a market value of about $702 million and making it the second-best performer on a Philippine Stock Exchange index of financial stocks.