EastWest Bank: Celebrating milestones beyond 25 years

MANILA, Philippines — EastWest has achieved undeniable growth despite being relatively young in the Philippine banking industry. This has been possible through its relentless and ambitious pursuit to serve the Filipino customer.

Today, EastWest celebrates its key milestones and achievements beyond its 25 years. 

Back in 2004, EastWest set out to grow beyond its limits, transforming itself from a traditional commercial bank to one of the country’s largest universal banks today, largely due to its strong customer focus.

A huge part of its success comes from the support of its parent company, the Filinvest Development Corp. (FDC). History shows that Andrew Gotianun Sr., the family patriarch and FDC’s founder, took a keen interest in EastWest’s performance.

“Let us pay more attention to our banking business. It is such a waste not to. We should differentiate ourselves from the top-tier banks so that we will have a chance to compete with them and grow,” Gotianun said in the book "Useless Each Without the Other: Enduring Love That Built Filinvest."

“Among other things, we should consider a move into consumer banking,” he added.

EastWest’s heavy emphasis on the consumer stems from a long history of service excellence. It comes from the bank’s predecessor in the 1970s, the FDC-owned Family Savings Bank. It set a new standard in its time with innovations such as daily interest rates and a low minimum balance for deposit accounts, among others.

Unstoppable growth

Becoming a consumer-focused bank meant providing exceptional financial products and services that help customers achieve their dreams, expanding its store network, and embarking on strategic acquisitions.

EastWest’s first such acquisition was the 2003 purchase of Ecology Savings Bank, which allowed it to expand its store network significantly.

The 2008 financial crisis also presented the bank a good opportunity to acquire AIG Philam Savings Bank in 2009, which further grew its auto loan and credit card portfolios. It also entered the rural bank industry with its purchase of Green Bank of CARAGA in 2011 and Finman Rural Bank of Pasig in 2012.

Moreover, the bank got into bancassurance through EastWest Ageas Life, its partnership with Belgian insurance company Ageas Group. This 50-50 joint venture resulted in the Troo brand in 2016, expanding its already wide variety of product offerings with the addition of life and investment-related insurance.

Another significant acquisition was its purchase of Standard Chartered Bank Philippines’ retail banking business in 2016. It included Standard Chartered’s wealth management services (now known as EastWest Priority) and two new credit cards geared toward the high-value affluent clientele.

All of these strategic, long-term moves would eventually pay off for EastWest, as the growth that the bank experienced in over two and a half decades is nothing short of remarkable—and unstoppable. It has brought the bank not only vast expansion but also numerous accolades and recognition, proving true its commitment to serving the consumer well and performing beyond its years.

EastWest now has 484 stores nationwide, and it continues to make huge strides in the industry.

This year alone, it boasts of the acquisition of  Philippine Bank of Communications’ (PBCOM) auto loan portfolio, top recognitions at this year’s Asian Banking and Finance Awards, and a prestigious partnership with Singapore Airlines with the launch of the EastWest Singapore Airlines KrisFlyer Mastercard.

As it looks to the future beyond its 25 young years, EastWest continues to strengthen its customer focus and renews its promise to help Filipinos fulfill their dreams.