EastWest expands forex acct

MANILA, Philippines – EastWest Banking Corp. has expanded its foreign currency deposit products that currently include US dollar and Chinese yuan to service the needs of its corporate and individual clients.

Gerardo Susmerano, senior executive vice president and head of retail banking and operations at EastWest, said the bank’s foreign currency deposit products would now include the euro, Japanese yen, and the Singapore dollar.

He pointed out customers could now open euro, yen, and Singapore dollar savings and time deposit accounts in select branches for their business, personal savings, or investment diversification needs.

“We now have five foreign currency deposit accounts to empower our clients doing business abroad to hold funds locally in euro, yen, Singapore and US dollars, and yuan,” Susmerano said.

He pointed out the expanded foreign currency portfolio also enables EastWest clients to consolidate their funds in one bank.

“As for our clients who receive remittances in these currencies, or who regularly travel abroad, they can earn interest while they deposit their foreign currencies for safekeeping,” he added.

EastWest offers reasonable interest rate for its Japanese yen savings products while time deposit rates are pegged on published rates.

Taipan Andrew Gotianun’s Filinvest Development Corp. owns the commercial bank.

EastWest holds 99.84 percent interest in Green Bank (A Rural Bank), which was incorporated as Rural Bank of Nasipit (Agusan del Norte) with the purpose of extending credit to small farmers and tenants and to rural industries or enterprises.

It wholly owns East West Rural Bank which was incorporated with the purpose of accumulating deposits and granting loans to individuals, corporate entities, government, and private employees.