EastWest Bank

Bank in the Philippines

For the bank headquartered in Southern California, United States, see East West Bank. For the bank based in Luxembourg, see East-West United Bank.

This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these messages)

This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed.
Find sources: "EastWest Bank" – news · newspapers · books · scholar · JSTOR (August 2012) (Learn how and when to remove this message)

|

This article contains promotional content. Please help improve it by removing promotional language and inappropriate external links, and by adding encyclopedic text written from a neutral point of view. (April 2012) (Learn how and when to remove this message)

|

(Learn how and when to remove this message)

East West Banking Corporation

An EastWest branch in Valenzuela

Company type| Public

Traded as

| PSE: EW
Industry| Finance
Founded| Manila, Philippines (1994)
Founder| Andrew Gotianun
Headquarters| The Beaufort, 5th Avenue corner 23rd Street, Bonifacio Global City, Taguig, Metro Manila, Philippines

Number of locations

| 490 stores (including its subsidiaries as of 2022)
584 ATMs (2022)[1]

Key people

* Jonathan T. Gotianun  (Chairman)
* Antonio C. Moncupa, Jr.  (Vice Chairman)
* Jacqueline S. Fernandez  (President & Director)[2][3]

Services| Banking

Net income

| ₱4.6 billion  (2022)[4][5]
Total assets| ₱403.8 billion  (2022) [6][7][8]

Number of employees

| 6,664 (as of 2016)
Parent| Filinvest Group
Subsidiaries| EastWest Rural Bank, Inc.
EastWest Ageas Life Insurance Corporation[9]
EastWest Insurance Brokerage, Inc.[10]
EastWest Leasing and Finance Corporation[11]
Quest Marketing and Integrated Services, Inc.
Assurance Solutions Insurance Agency
Website| www.eastwestbanker.com

EastWest Bank (PSE: EW, Hokkien Chinese: 東盛銀行; Pe̍h-ōe-jī: Tang-sēng Gûn-hâng; Mandarin simplified Chinese: 东盛银行; traditional Chinese: 東盛銀行; pinyin: Dōngshèng Yínháng),[12] formally known as East West Banking Corporation, is the eleventh largest bank in the Philippines in terms of assets.[13] It was founded in 1994 in Manila by the late tycoon, Andrew Gotianun and his wife.[14] It is a member of the Filinvest Group, led by the Gotianun family.[15] Its headquarter is located at The Beaufort, a condominium building by Filinvest in Bonifacio Global City.

## History

[edit]

EastWest Bank was created on August 14, 1988. 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 Gotianuns 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 Bank of the Philippine Islands (which was renamed as BPI Family Savings Bank).[16][17]

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 2003, EastWest Bank had a network of 129 branches and 145 ATM terminals, this was after the merger with the former Ecology Savings Bank in 2002[18] and the former AIG Philam Savings Bank in 2009.[19][20] The merger resulted in EastWest Bank becoming the sixth largest lender for housing, auto and credit cards in the country.[21]

In 2004, the Bank received the "Best Website Award" in the Banking and Finance category of the 7th Philippine Web Awards.

EastWest Unibank joined the Philippine Stock Exchange on May 7, 2012.[22] The bank was later on granted a universal banking license on July 31, 2012.[23]

### Acquisition of Green Bank of Caraga

[edit]

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.[24][25]

Before the asset acquisition, Green Bank Inc. was known [according to whom?] 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 (see below), which acquired the good assets of the same defunct bank.[26][27]

### Acquisition of Standard Chartered Bank Philippines

[edit]

In 2016, EastWest acquired the retail banking business of  Standard Chartered Bank Philippines (SCB PH), which included credit cards, personal loans, wealth management, and retail deposits. SCB PH's retail accounts, personnel, and branches were all transferred to EW on November 27, 2016.[28][29]

### Inception of Komo by EastWest

[edit]

In 2020, East West Banking Corporation (EWBC) was one of the few local banks in the Philippines that was granted a license by the Bangko Sentral ng Pilipinas (BSP) to launch a fully-digital bank which will operate under its wholly-owned subsidiary, EastWest Rural Bank, Inc. The new digital banking arm of EastWest will carry the brand name, Komo. It was given an approval from the Bangko Sentral ng Pilipinas (BSP) to operate as a digital bank in May 8, 2020.[30][31]

In 2024, Carlos Yulo is the Bank's brand ambassador.[32]

## Subsidiaries and affiliates

[edit]

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:

* EastWest Ageas Life Insurance Corporation
* EastWest Insurance Brokerage Inc.
* EastWest Leasing and Finance Corporation
* Quest Marketing and Integrated Services Inc.
* Assurance Solutions Insurance Agency

### EastWest Rural Bank

[edit]

EastWest Rural Bank, Inc.

Company type| Subsidiary
Industry| Finance and Insurance
Founded|

* 1975; 50 years ago (1975) in Butuan, Agusan del Norte, Philippines (as Rural Green Bank of Caraga)
* 2013; 12 years ago (2013) in Pasig, Metro Manila, Philippines (as EastWest Rural Bank, Inc.)

Headquarters| Bajada, Davao City, Philippines

Number of locations

| 98 stores (including extension offices (EO) and other banking offices (OBO) as of 2022)[33]

Key people

| Sheila M. Bajado, CPA[34]
(President and CEO)
Products| Financial services

Net income

| ₱1.2 billion (2018)[35]
Total assets| ₱24.6 billion (3Q-2022)[36]

Number of employees

| 1,000
Parent| East West Banking Corporation

EastWest Rural Bank Inc. is a wholly owned subsidiary of East West Banking Corporation, a member of the Filinvest Group, led by the Gotianun Family.[37] It is the second largest rural bank in the Philippines in terms of assets.[38]

It was formerly known as Green Bank (or the Rural Green Bank of Caraga), which was a Philippine rural bank based in Butuan and also acquired since 2013 by East West Banking Corporation alongside FinMan Bank, a rural bank based in Pasig. Prior to its acquisition it was the largest bank in the Caraga region in terms of assets, and it had 46 branches.[39][40] It was also one of three rural banks to be affiliated with the Philippine interbank network BancNet since 2006.

#### History

[edit]

Green Bank was incorporated with the Filipino Securities and Exchange Commission as the Rural Bank of Nasipit on June 20, 1974. The bank commenced actual operations on April 5, 1975, originally to serve the municipality of Nasipit, Agusan del Norte.

The bank took advantage of a government rediscounting program called Masagana 99, with the intention of helping poor farmers gain access to credit. However, in the 1980s, with the plunge of the Philippine economy into a recession and the assassination of Benigno Aquino Jr., Green Bank suffered a very high non-performing loan ratio due to the inability of its farmer-debtors to pay off their Masagana 99 loans. For the next few years, the bank's financial standing gradually deteriorated.

In 1988 the Central bank of the Philippines, the Bangko Sentral ng Pilipinas issued Circular No. 1126 in 1988, designed to help recapitalize and revitalize distressed rural banks. In the case of Green Bank, it had arrears with the Bangko Sentral amounting to nearly fifteen million pesos, requiring it to recapitalize to cope with capital deficiency. Initially, stockholders refused, although some stockholders eventually agreed to aid the bank's recapitalization.

In 1989, the bank's board of directors appointed Rufa C. Susan to the position of manager, helping bring the bank back to profitability. Green Bank's capital was increased from two million pesos to twenty million pesos in 1992. This was later increased to sixty million pesos and further on to five hundred million pesos.

The bank merged with the Rural Bank of Alegria in 2000, becoming the largest rural bank in the Caraga region. It joined BancNet in 2006, being one of three banks that joined the interbank network.

The bank followed the Grameen Bank experimentation with conversion of borrowers from joint liability loans, to individual liability loans, with no drop in repayments.[41]

EastWest Rural Bank, or EWRB (formerly FinMan Bank Inc.), consolidated the rural banking businesses of two previously acquired banks, namely Green Bank, Inc. and FinMan Bank, Inc., through an asset acquisition effective November 1, 2013. FinMan Bank, a 16-year-old rural bank based in Pasig, is actively involved in extending credit to farmers, tenants, and rural enterprises.[42] East West infused a total of P520 million in fresh capital into EWRB subsequent to the regulatory approval, which became effective on May 21, 2013, for the latter's increase in authorized capital stock from P80 million to P1 billion.[43][44]

On October 31, 2013, EastWest acquired the substantial assets of Green Bank, Inc., also known as the Rural Green Bank of Caraga, which stands as the largest rural bank in the Caraga Region when considering its assets. Situated in Butuan, Green Bank has been dedicated to serving the diverse needs of primarily farmers, government and private employees, barangay officials, pensioners, and small-scale businessmen.

Utilizing Green Bank's robust branch network in the Visayas and Mindanao, EastWest strategically entered the microfinance sector and extended its footprint in Mindanao to enhance its rural lending business. Regulatory approval for this acquisition was granted in December 2013.[45][46] As of 2016, EastWest Rural Bank had a total branch network of 76 stores, including extension offices and other banking offices all throughout the country.[47]

## Ownership

[edit]

* Filinvest Development Corporation: 75%
* PCD Nominee Corporation: 24.87%
* Philippine Air Force Educational Fund: 00.03%
* Washington Sycip: 00.03%[48]

## See also

[edit]

* Banks portal

* BancNet
* List of banks in the Philippines

## References

[edit]

1. ^ "EW Corporate Profile". EastWest Bank. eastwestbanker.com. Retrieved February 25, 2023.
2. ^ "Jacqueline Fernandez takes over as new EastWest president". EastWest Bank. eastwestbanker.com. Retrieved February 25, 2023.
3. ^ "EastWest Bank appoints first female president". Lee C. Chipongian of Manila Bulletin. mb.com.ph. Retrieved May 27, 2022.
4. ^ "EastWest net income up 42% in 2022". GMA Integrated News. gmanetwork.com. Retrieved March 20, 2023.
5. ^ "EastWest income at ₱4.5 billion, ROE at 7.7%". EastWest Bank. eastwestbanker.com. Retrieved February 25, 2023.
6. ^ "Ranking as to total assets". BSP. bsp.gov.ph. Retrieved December 31, 2022.
7. ^ "EastWest Bank 2022 core income up 42%". By: Inquirer Mindanao, Miguel R. Camus - @inquirerdotnet. business.inquirer.net. Retrieved March 20, 2023.
8. ^ "BSP Ranking Q3 2022". BSP. bsp.gov.ph. Retrieved February 25, 2023.
9. ^ "Troo expands footprint through an Agency Sales channel; rebrands as 'EastWest Ageas Insurance'". INQUIRER.net BrandRoom. business.inquirer.net. Retrieved December 1, 2022.
10. ^ "EastWest completes regulatory approvals for insurance brokerage undertaking". Business Mirror. businessmirror.com.ph. Retrieved November 9, 2015.
11. ^ "EastWest putting up finance, leasing unit". Donnabelle L. Gatdula(The Philippine Star). philstar.com. Retrieved April 12, 2014.
12. ^ "去年東盛銀行淨收入增長42%". 菲律賓商報 (Chinese Commercial News). Mar 21, 2023. Retrieved May 3, 2023.
13. ^ "Ranking as to Total Assets". www.bsp.gov.ph. 2022-03-31. Retrieved 2022-08-03.
14. ^ "Andrew Lo Gotianun". Forbes. forbes.com. Retrieved February 25, 2023.
15. ^ "Gotianun Family". Esquire. esquiremag.ph. Retrieved February 25, 2023.
16. ^ "EastWest owes 25-year success to Filinvest's unwavering support". MANILABULLETIN_ADMIN. philstar.com. Retrieved August 7, 2019.
17. ^ "EastWest Bank: Celebrating milestones beyond 25 years". The Philippine Star. philstar.com. Retrieved September 3, 2019.
18. ^ "East West acquires Ecology Savings". philstar.com. September 6, 2002. Retrieved September 6, 2002.
19. ^ "EastWest Bank completes Philam Savings Bank acquisition". philstar.com. March 16, 2009. Retrieved March 16, 2009.
20. ^ "AIG sells local banking unit to East West Bank". GMA News Online. gmanetwork.com. Retrieved January 24, 2009.
21. ^ "Philippines' EastWest Bank in massive branch expansion". Asian Banking and Finance. asianbankingandfinance.net. Retrieved April 1, 2012.
22. ^ "East West Bank climbs on debut at PSE". Philippine Daily Inquirer. 2012-05-08. Retrieved 2012-08-16.
23. ^ "BSP issues universal bank license to EastWest". The Manila Times. 2012-08-03. Retrieved 2012-08-16.
24. ^ "EastWest Bank buys Green Bank of Caraga". Doris C. Dumlao - @inquirerdotnet. business.inquirer.net. Retrieved August 23, 2011.
25. ^ "BSP okays EastWest Bank-Green Bank merger". Donnabelle L. Gatdula(The Philippine Star). philstar.com. Retrieved April 4, 2014.
26. ^ "EastWest Bank acquires Mindanao rural bank". Ted P. Torres(Philstar.com). philstar.com. Retrieved August 24, 2011.
27. ^ "EastWest rural banking units to get P820M capital boost". Inquirer.net. business.inquirer.net. Retrieved September 7, 2012.
28. ^ "EastWest takes over retail business of StanChart". Lawrence Agcaoili(The Philippine Star). philstar.com. Retrieved May 6, 2016.
29. ^ "EastWest Bank acquires 2 StanChart units in PH". Ben O. de Vera - Reporter / @bendeveraINQ. business.inquirer.net. Retrieved May 9, 2016.
30. ^ "EastWest unveils digital banking arm". Doris Dumlao-Abadilla - Business Features Editor / @philbizwatcher. business.inquirer.net. Retrieved May 22, 2020.
31. ^ "EastWest's Komo eyed a 'contender' in digital banking". (Philstar.com). philstar.com. Retrieved July 9, 2022.
32. ^ Almazan, Faye (October 1, 2024). "Carlos Yulo named brand ambassador of a local bank". Retrieved October 2, 2024.
33. ^ "EW Corporate Profile". Eastwest Bank. ewbanker.com. Retrieved February 25, 2023.
34. ^ "Sheila M. Bajado of EWRB". Linkedin. ph.linkedin.com. Retrieved February 25, 2023.
35. ^ "EastWest's rural bank pulls down net income by 13%". Businessmirror. businessmirror.com.ph. Retrieved February 25, 2023.
36. ^ "BSP Rankings in terms of assets". BSP. bsp.gov.ph. Retrieved February 25, 2023.
37. ^ "Philippines' Top 50 Billionaires". Forbes.com. Retrieved 2017-04-04.
38. ^ "Top 100 Rural and Cooperative Banks in the Philippines". BSP. Retrieved 2017-07-23.
39. ^ "EastWest Bank acquires largest rural bank in Caraga". ABS-CBN News. news.abs-cbn.com. Retrieved August 23, 2011.
40. ^ "Bangko Sentral green-lights EastWest, Green Bank merger". GMA News Online. gmanetwork.com. Retrieved April 3, 2014.
41. ^ The Handbook of Market Design Nir Vulkan, Alvin E. Roth, Zvika Neeman - 2013 - Page 254 "They conducted two experiments with the Green Bank, a Grameen-style lender in the Philippines, which conducted its redesign in stages and at centers chosen randomly. In the first experiment, some of the existing Green Bank centers, in which borrowers were receiving joint liability loans, were chosen at random to have their loans converted to individual liability loans."
42. ^ "EastWest to acquire Finman Rural Bank". Madelaine B. Miraflor (The Manila Times). manilatimes.net. Retrieved June 22, 2012.
43. ^ "EastWest Bank acquires Pasig City rural bank". Paolo G. Montecillo - @inquirerdotnet. business.inquirer.net. Retrieved June 21, 2012.
44. ^ "EastWest rural banking units to get P820M capital boost". Doris Dumlao (Philippine Daily Inquirer) / EWB Official Website Pressroom. ewbanker.com. Retrieved September 7, 2012.
45. ^ "EastWest gets nod to merge with Green Bank". The Philippine Star. December 1, 2013.
46. ^ "Philippines SEC approves EastWest-Green Bank merger". Retail Banker International. retailbankerinternational.com. Retrieved June 9, 2014.
47. ^ "EastWest acquired Caraga based rural bank and 16-year-old Pasig based rural bank". Pinoyjobs.ph. January 23, 2016.
48. ^ "100 Top Stockholders as of September 30, 2013". PSE. Retrieved 2013-10-11.

## External links

[edit]

* Official website
* Media related to EastWest Bank at Wikimedia Commons

* v
* t
* e

Banks in the Philippines

Bangko Sentral ng Pilipinas

Universal banks|

* Asia United Bank
* BDO
* BPI
* Chinabank
* EastWest Bank
* Metrobank
* PNB
* Philtrust
* RCBC
* Security Bank
* UnionBank

Government banks|

* Al-Amanah Islamic Investment Bank of the Philippines
* DBP
* Landbank
* OFB

Commercial banks|

* Bank of Commerce
* Chinatrust
* HSBC
* Maybank
* PBCom
* Standard Chartered
* Veterans Bank

Thrift banks|

* BPI Direct Savings Bank
* China Bank Savings
* CitySavings
* Citystate
* PBB
* PSBank
* Queenbank
* Security Bank Savings

Digital banks|

* CIMB Bank
* GoTyme Bank
* ING Philippines
* Maya Bank
* Tonik

Other banks|

* Cooperative banks
* Rural banks

Defunct|

* Allied Bank (merged with PNB)
* Banco Filipino
* Citibank (merged with UnionBank)
* Equitable PCI Bank (merged with BDO)
* Exportbank (merged with UnionBank)
* International Exchange Bank (merged with UnionBank)
* Plantersbank (merged with Chinabank)
* Premiere Development Bank (merged with Security Bank)
* RBank (merged with BPI)
* UCPB (merged with Landbank)

*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template