EastWest Bank

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East West Banking Corporation
Type Public (PSE: EW)
Industry Banking
Founded Manila, Philippines (1994)
Headquarters Fort Bonifacio, Philippines
Key people Andrew Gotianun, Founder/Chairman Emeritus
Jonathan T. Gotianun, Chairman
Antonio C. Moncupa, Jr., President and CEO
Products Financial Services
Employees 2,300
Website www.eastwestbanker.com

EastWest Bank (PSEEW), more formally known as East West Banking Corporation, is a universal bank in the Philippines. Its headquarters is at The Beaufort, the flagship luxury condominium project of Filinvest Development Corporation at the Bonifacio Global City with extension offices at PBCom Tower Makati City (Call Center Division), Hanston Building (Customer Care), and Pasong Tamo Extension (formerly the country head office of Levi's Philippines).

History[edit]

EastWest Bank was created on July 6, 1994 as the Philippines' thirty-fourth commercial bank. 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. It moved to its present headquarters at the 20th floor of PBCom Tower in November 2001.

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.

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. The bank now currently has 250 branches and more than 350 ATMs in the country. It has an aggressive expansion plan and it calls its branches stores.

EastWest Bank joined the Philippine Stock Exchange on May 7, 2012.[1] The bank was later on granted a universal banking license on July 31, 2012.[2]

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.

Competition[edit]

East West Bank competes with other commercial banks, such as Citibank, and Standard Chartered Bank.


Ownership[edit]

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.

See also[edit]

References[edit]

  1. ^ "East West Bank climbs on debut at PSE | Inquirer Business". Business.inquirer.net. 2012-05-08. Retrieved 2012-08-16. 
  2. ^ "BSP issues universal bank license to EastWest". Manilatimes.net. 2012-08-03. Retrieved 2012-08-16. 
  3. ^ "100 Top Stockholders as of September 30, 2013". PSE. Retrieved 2013-10-11.