EastWest Bank (PSE: EW), more formally known as East West Banking Corporation, is the tenth largest universal bank in the Philippines in terms of assets. It is a member of the Filinvest Group, one the largest conglomerates in the Philippines owned by tycoon Andrew Gotianun. Its headquarters is at The Beaufort, a condominium building by Filinvest in Bonifacio Global City.
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History
EastWest Bank was created on July 6, 1994. It was on that date that the Bangko Sentral ng Pilipinas granted EastWest Bank its commercial banking license. Backed-up by the Filinvest Group of Companies, EastWest Bank opened to the public along Senator Gil Puyat Avenue, Makati on August 1, 1994. This was the comeback of the Gotianun's in the banking space after they sold the Insular Bank of Asia and America to PCIBank in 1986 (which was acquired by Equitable Bank forming Equitable PCI Bank which in turn was acquired by Banco De Oro in 2006) and Family Savings Bank to BPI (which was renamed BPI Family Savings Bank).
EastWest Bank has developed its online banking facilities and has embarked on a full computerization program for a more efficient system to deliver bank products and services.
In 2004, the Bank received the prestigious Best Website Award in the Banking and Finance category of the 7th Philippine Web Awards, the most coveted award in the field of web design.
In 2003, EastWest Bank has a network of 129 branches and 145 ATM terminals, this after the merger with the former AIG Philam Savings Bank. The merger resulted in EastWest Bank becoming the sixth largest lender for housing, auto and credit cards in the country. It has an aggressive expansion plan and it calls its branches stores.
EastWest Unibank joined the Philippine Stock Exchange on May 7, 2012. The bank was later on granted a universal banking license on July 31, 2012.
Acquisition of Green Bank of Caraga
On October 31, 2013, EastWest Bank acquired Green Bank (also known as Green Bank of Caraga), the largest rural bank in the Caraga region in terms of assets. Based in Butuan, Green Bank has been serving the needs of mostly farmers, government and private employees, barangay officials, pensioners and small-scale businessmen. Through Green Bank's strong branch network in the Visayas and Mindanao, EastWest is able to gain entry into the microfinance business.
Before the asset acquisition, Green Bank, Inc. has been known as a multi-awarded trailblazer in the area of housing microfinance. It was one of the first participating banks under the Microenterprise Access to Banking Services (MABS), a program designed to accelerate national economic transformation by encouraging Philippine rural banks to significantly expand the financial services they offer to microentrepreneurs and low-income households in the countryside. Green Bank was also recognized as among the first to use the services of an independent credit ratings agency to boost its loan quality. Green Bank will be now sold as EastWest Rural Bank, which acquired the good assets of the same defunct bank.
Eastwest Bank Credit Card Application Video
Subsidiaries and affiliates
EastWest Bank is a subsidiary of the Filinvest Development Corporation, a publicly listed company founded by Andrew Gotianun, Sr. in 1955. The Filinvest Group is composed of companies engaged in diverse businesses. It operates its real estate business primarily through its majority-owned subsidiaries, Filinvest Alabang, Inc. and Filinvest Land, Inc.
EastWest Bank joined BancNet in 1994 as an Associate member, with full use of the network's facilities and services but without voting rights. In late 2008, EastWest Bank acquired a shareholding in the network, affording the Bank a Board seat as a full member bank.
EastWest Bank is divided into the following subsidiaries:
- Filinvest Development Corporation
- EastWest Rural Bank, Inc.
- EastWest Ageas Life Insurance Corporation
- EastWest Insurance Brokerage, Inc.
- EastWest Leasing and Finance Corporation
Competition
EastWest Bank competes with other commercial and universal banks such as BDO Unibank, Metrobank, Bank of the Philippine Islands, Rizal Commercial Banking Corporation, Security Bank, Philippine National Bank, Citibank and Standard Chartered Bank.
Ownership
- Filinvest Development Corporation: 75%
- PCD Nominee Corporation: 24.87%
- Philippine Air Force Educational Fund: 00.03%
- Washington Sycip: 00.03%
While Philippine Central Depository is listed a major shareholder, it is more of a trustee-nominee for all shares lodged in the PCD system rather than a single owner/shareholder.
Source of the article : Wikipedia
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