AIG PhilAm Savings Bank Merges with EastWest Bank

AIG PhilAm Bank merges with and into EastWest Bank, making Eastwest Bank the country's 6th largest Credit Card issuer, 6th largest Auto Loans provider with 89 branches to serve you nationwide.

Now, Eastwest Bank's 15 years of banking success is fortified with AIG PhilAm Bank's 15 years of service in the consumer loans industry to make your banking experience SIMPLER, FASTER and BETTER.

Makati City, September 7, 2009. East West Banking Corporation (EastWest Bank) announced today that AIG PhilAm Savings Bank, Inc. (AIGPASB), Philam Auto Finance and Leasing, Inc. and PFL Holdings, Inc. have merged with and into EastWest Bank after receiving regulatory approvals from the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC).

EastWest Bank is now a significant player in the credit cards and auto finance markets as the merger has placed the Bank in the top six banks in both the credit cards and auto finance segments. “This will enhance EastWest Bank’s growing deposits, corporate lending, fixed income distribution, and mortgage businesses,” said EastWest Bank president and CEO Tony Moncupa, Jr. “The result is a wider range of banking products, better asset portfolio with a good risk profile and excellent earning potential, which are all well aligned with our longterm business goals.”

Over the last three years, EastWest Bank has become one of the fastest growing banks. From 2006 to 2008, the Bank’s assets expanded from P30.3 billion to P49.1 billion. As of June 2009, assets stood at P59.7 billion. With the merger, the combined assets of the two banks total approximately P69.1 billion, a 40.7 per cent boost from EastWest Bank’s assets of as of end-2008. The Bank has advised AIGPASB customers of the merger, informing them that they will be issued their new passbooks, checkbooks, credit cards and ATM cards for free.

“We have been communicating to customers of both EastWest Bank and AIGPASB the developments on the merger. They have been advised of an upgraded deposit system and new account features to ensure continuous overthe- counter and ATM transactions,” Moncupa said. Last June, the SEC also approved EastWest Bank’s capital hike from P5 billion to P8 billion. To date, EastWest Bank’s parent firm, Filinvest Development Corp. (FDC) and subsidiary FDC Forex Corp. have already infused P2 billion in fresh funds. FDC is the listed holding company of the Filinvest Group which Andrew L. Gotianun founded in 1955.

ABOUT EASTWEST BANK

East West Banking Corporation (EastWest Bank) opened its doors to the public on August 1, 1994. The Bank is a subsidiary of the Filinvest Development Corporation (FDC), the publicly listed holding company of the Filinvest Group 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 of and synergy from the business organizations under the Filinvest Group.