EastWest Bank gets Bangko Sentral green light for unibank operations

EastWest Banking Corp. on Thursday said that the Bangko Sentral ng Pilipinas has given it a license to operate as a universal bank, thus allowing the Gotianun family-led bank to undertake non-allied services.

As a universal bank, EastWest Bank “still intends to focus on serving the retail and corporate middle-market sectors,” the bank noted in a disclosure to the Philippine Stock Exchange (PSE).

“The added capabilities from our unibank license will primarily be directed to serve these market segments better,” said EastWest president Antonio Moncupa Jr., adding that they will continue to focus on mid-sized corporates and the consumer market.

Despite having the license to offer investment services like underwriting, arranging and advisory, the bank has no plans yet to establish an investment bank subsidiary, Moncupa noted in the disclosure.

The former commercial bank, which operates 154 branches, also plans to venture into leasing, he added.

EastWest Bank this year listed its shares on the PSE, the first bank to do so in eight years.

The lender plans to open 100 branches this year, 75 of which will be in restricted and overbanked areas, the lender said. — MJC/VS/DVM, GMA News

 

Source: http://www.gmanetwork.com/news/story/267965/economy/moneyandbanking/eastwest-bank-gets-bangko-sentral-green-light-for-unibank-operations

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