EastWest opens 7 new branches

MANILA, Philippines - East West Banking Corp. further beefed up its branch network as part of efforts to expand its presence nationwide particularly in the provinces.

Gerry Susmerano, senior executive vice president and head of retail banking and operations cluster at EastWest Bank, said the bank continues to expand its branch network to reach more clients.

“We’re opening more stores to expand our accessibility to our clients, their customers and business partners. We’re focusing on the middle market and consumers as a target segment and these branches will provide them more ways to transact with each other,” Susmerano said.

The bank added seven to its branch network by opening new branches in Mangaldan and Alaminos, Pangasinan; Sta. Maria, Bulacan; Concepcion, Tarlac; Pallocan, Batangas City; McArthur Highway, Tarlac; and Davao diversion road in Davao City.

This brought to 420 its total branch network nationwide.

He said the branch expansion is also being complimented with personal and online banking facilities.

EastWest plans to open 20 to 30 new branch stores mostly in tertiary locations, to capitalize on the anticipated economic growth in rural areas this year.

“Expanding our footprint also goes hand in hand with our positive outlook for the economy. We intend to open these branch stores to allow us to tap into the growing retail and mid-market segments,” he said.

According to EastWest, the bank’s branch store expansion is in line with fulfilling one of the objectives in its stock rights offering held last March.

The offering indicated net proceeds for the P8 billion in raised capitalization would be used for strategic initiatives to support medium-term growth plans, which include an expanded branch network drawn to optimize deeper and broader customer relationships.

EastWest registered a milestone as its total assets reached the P200 billion mark in June. Its total assets grew 31 percent to P204.9 billion from the P155.9 billion reported in the same period last year.

The growth in assets was propelled by the 23 percent expansion in loans to P131 billion. Deposits, on the other hand, grew by 25 percent to P158.1 billion from P126.1 billion a year ago.