MANILA, Philippines - Newly-minted universal bank East West Banking Corp. (EastWest Bank) is expanding its footprint nationwide with plans of opening 30 more branches within the year, promising to enable more Filipinos nationwide to benefit from its consumer-friendly products.
Considered as one of the fastest growing banks in the Philippines, EastWest Bank added 28 branches to its network in 2010, ending the year with a total of 113 branches.
Of the total number of branches, 73 are in Metro Manila and 40 are strategically distributed in the provinces.
This aggressive expansion complements EastWest’s thrust to offer excellent service to its target markets.
“Our plan is to provide our existing clients better access to their accounts and allow more Filipinos to benefit from our product offerings by expanding the bank’s service delivery channels,” said Gerry Susmerano, EastWest Bank executive vice president and head for Branch Banking and Operations. “At the same time, we are able to build up our deposit and loan portfolio through the branch expansion efforts.”
This year, the bank has at least 30 new branch openings in the pipeline.
“We plan to establish a stronger presence in the next few years, with the ultimate goal of about 200 to 250 in two to three years,” Susmerano said.
EastWest Bank reported a net income of P1.5 billion in the first nine months of 2010. Bank officials originally targeted a 2010 full year net income of P1 billion although the level of P1.8 billion is obviously more realistic.
The P1.5-billion net income is over 363 percent higher than the P326 million in the same period in 2009.
EastWest Bank opened its doors to the public on Aug.1, 1994. The bank is a subsidiary of the Filinvest Development Corp. (FDC), the publicly listed holding company of the Filinvest Group that evolved from a consumer business founded by Andrew L. Gotianun Sr. in 1955.
FDC is one of the country’s premier conglomerates, with business interests in real estate development, financial and banking services and the sugar business. Through the years, EastWest Bank has successfully capitalized on the financial strength and synergy from the business organizations under the Filinvest Group.