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EastWest eyes 350 branches by 2014

 EastWest Banking Corp. (EastWest) is planning to grow its branch network to 350 in the next two years.


In a disclosure to Philippine Stock Exchange (PSE), EastWest, one of the fastest-growing banks in the country today, said that they remain steady in their bid to be a major industry player as they continue to aggressively expand. EastWest opened three new branches in October 10, bringing its total branch network to 188.

“For this year, EastWest plans to open a total of 100 branches and grow its network to 350 by 2014,” EastWest said in the disclosure. 

The three new branches that were opened are located in Boni Ave., Mandaluyong City; Santolan, Pasig City; and Balibago in Angeles City, Pampanga. In the pipeline are more than 60 branches that will consecutively open in the next few months.

Earlier this year, EastWest made great strides as it simultaneously opened 22 new branches in a single day.

EastWest also acquired Pasig City-based Finman Rural Bank, less than a year after acquiring Green Bank of Caraga in Butuan City. 

In July, the bank received its universal bank license after successfully fulfilling the requirements of the Bangko Sentral ng Pilipinas to hold an initial public offering and list its shares at the PSE.

With an expanded license, the bank will be authorized to venture into investment banking and non-allied undertakings. However, the added capabilities from EastWest’s unibank license will be directed to serve the midsized corporates and consumer segments better.

 

Source: Manila Times

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East West, Banking