- The Birth of EastWest Bank
Established on July 6, 1994, EastWest Bank was the first recipient of a commercial banking license after the central monetary authority liberalized banking in the mid-1990s. Its first branch was opened along Sen. Gil Puyat Avenue in Makati City on August 1, 1994.
Its name is the result of the bank's desire to combine the traditional prudence, warmth and hospitality of the East and the efficiency and progressive-thinking of the West.
Since then, EastWest Bank has made its presence known in the banking industry through steady growth. The bank offered products and services via traditional and alternative delivery channels, and opened more branches to make banking accessible and convenient for its clients. It later introduced internet banking facility to expand delivery channels for its products and services.
EastWest is a subsidiary of the Filinvest Development Corporation (FDC), one of the country's leading conglomerates, with interests in banking, real estate, hospitality and tourism, power generation and sugar.
- Story of Unprecedented Growth
At the dawn of the new millennium, EastWest took advantage of acquisition opportunities. The bank acquired Ecology Savings Bank, Inc. in August 2003 and became the sixth largest credit card issuer and one of the largest in auto financing when it acquired AIG PhilAm Savings Bank (AIGPASB) in 2009. Two years later, it further expanded its branch network when the bank acquired Green Bank of Caraga, Inc. in August 2011.
2012 was a pivotal year as new strategic plans began to take shape. EastWest became a publicly-listed bank in May 2012. Through an initial public offering, the first by a Philippine bank in eight years, the bank raised around Php4.8 billion. The next two months saw other major milestones: EastWest acquired Finman Rural Bank, Inc. in June, which in 2013 became EastWest Rural Bank, Inc., and received the approval of the Bangko Sentral ng Pilipinas to operate as a universal bank in July. The universal banking license allowed EastWest to offer a wider range of financial products and services.
It was also during this year that EastWest moved to its current corporate offices in Bonifacio Global City in Taguig, and started to refer to its branches as stores which serve as one-stop-shops that satisfy the financial needs of customers with a complete line of financial products and services.
From 2012 to 2015, the bank aggressively expanded its nationwide footprint, opening stores at an unprecedented pace and becoming known as one of the fastest growing banks in the country.
Alongside the aggressive geographic expansion, the bank beefed up its capabilities to serve customers
better. It strengthened its IT infrastructure and explored growth opportunities, including acquisitions,
partnerships, and joint ventures to build the scale necessary to be able to compete more effectively.
In 2014, EastWest upgraded its core banking system to the more robust Temenos T24 to support its growing operations and improve service quality and delivery. The following year, it raised Php8 billion in additional common equity tier-1 capital through a stock rights offer. It also ventured into allied financial businesses—insurance brokerage and bancassurance—to provide a wider range of products and services and to make access to insurance and protection products more convenient for customers. Its wholly-owned subsidiary EastWest Insurance Brokerage, Inc. was registered and started operations in 2015. That same year, the bank signed a 50-50 joint venture agreement with Ageas Insurance International NV, Belgium's leading insurer, to form EastWest Ageas Life Insurance Corporation. EastWest's bancassurance joint venture started operations in 2016 as Troo.
In 2016, the bank set up its wholly-owned financial leasing subsidiary, EastWest Leasing and Finance Corp., and acquired the retail banking business of Standard Chartered Bank Philippines which included credit cards, personal loans, wealth management, and retail deposits. The acquisition solidified EastWest's position as the fifth largest credit card issuer in the industry with over a million cards-in-force.
- A Renewed Brand
In 2011, EastWest Bank set out on a rebranding exercise. The current brandmark symbolizes renewal and fresh growth, and relationship between the bank and its customers. With a refreshed brand, EastWest set out to continue delivering its vision of becoming a world-class bank anchored on service excellence in its chosen markets.
The bank wants to be known for having an excellent brand of customer service, relevant products that meet the customer needs and having the most engaged and loyal customers and employees.
With steadfast commitment to make "Your Dream Our Focus," EastWest continues to develop innovative products and services and alternative delivery channels that cater to the diverse and evolving needs of its clientele.
- Fast Forward
Over a span of 20 years, EastWest emerged as one of the fastest-growing and most consumer-focused universal banks in the Philippines. Its nationwide network of 447 stores to date, including EastWest Rural Bank, is the 5th largest store network, excluding subsidiaries, and 7th overall, including subsidiaries, in the industry. Complementing this vast footprint are its 24/7 channels: 580 EastWest ATMs, EastWest Online, and EastWest Customer Service.
It is currently the 10th largest privately-owned domestic bank in terms of assets, fifth biggest credit card issuer, and the fourth largest auto loan provider in the country today. Full steam ahead, the bank maintains its strategic focus on consumers, middle market corporates, and the mass affluent.
EastWest is set to leverage its stronger foundation and maximize its capabilities to advance customer service excellence and create additional long-term value for its customers, investors, and the communities it serves. As it looks to the future with confidence, driven by big aspirations to ultimately become a world-class bank anchored on service excellence in its chosen markets, EastWest is committed to continuously invest in people and in process, product, and service enhancements, and embrace new ideas to enhance the EastWest experience.
The Asian Banker Philippine Country Awards 2017
Auto Loan Product of the Year - EastWest Auto Loan
CFA Society Philippines 2017 Best Managed Fund of the Year Awards
2017 Best Managed Fund for Peso Medium-Term Bond category - EastWest Peso Intermediate Term Bond Fund
2017 Elite Quality Recognition Award
Operational Excellence Award
Visa Growth Awards
Highest Debit Payment Volume Growth
Highest Prepaid Cards Growth
The Asian Banker Philippine Country Awards 2016
Best Consumer Finance Product - EastWest Personal Loans
Visa Growth Awards
Highest Debit Payment Volume Growth
Highest Consumer Credit Cards Growth
Higher Consumer Credit Payment Growth
Asian Cards User Group
Best Growth Achievement Award - EastWest Credit Cards
CEPI Asia Trailblazer Awards
Highly Commendable Prepaid Card for Asia Pacific - EastWest Travel Money
Asian Banking and Finance
Credit Card Initiative of the Year (Philippines)
Visa Performance Awards - Philippines
Best Performer Visa Classic Payment Volume Growth
Best Performer Visa Classic Cards in Force Growth
Best Performer Visa Classic Transaction Number Growth
Best Performer Visa Debit Cards in Force Growth
Best Performer Visa Debit Transaction Number Growth
Best Performer Visa Debit Payment Volume Growth
2013 Best Performer Visa Prepaid Transaction Number Growth
Visa Product Trailblazer (EastWest Travel Money)
Global Banking and Finance Review
2012 Best Commercial Bank in the Philippines Award