EastWest Bank opens 10 new branches to boost network
By Julito G. Rada, Manila Standard Today
http://manilastandardtoday.com/2013/03/05/eastwest-bank-opens-10-new-branches-to-boost-network
EASTWEST Bank, the banking unit of the Filinvest Group, said it opened 10 new branches in a single day in February, bringing the bank's network to 255 branches.
"EastWest's growth objective is to effectively reach out and provide convenient banking services to customers in key areas all over the country," the bank said.
The newly-opened EastWest banks are in Tondo, Manila; Kalentong, Mandaluyong City; Cubao, Araneta Center in Quezon City; Alabang in Muntinlupa City; Ninoy Aquino Avenue, Paranaque City; BF Homes in Parañaque City; Bonifacio Global City in Taguig; Legaspi Village in Makati City; Tanza, Cavite, and in Asia Town IT Park in Cebu City.
EastWest said branches were now called stores because they served as one-stop shops that could address customers' financial needs through a complete line of products, such as savings, loans, debit and prepaid cards, credit cards and investment products.
The bank expanded its branch network from 122 in 2011 to 245 by end-2012. The bank, which opened its doors to the public on Aug. 1, 1994, aims to have 350 stores nationwide by 2014.
Earlier, the bank raised P238.880 million in the second tranche of its long-term negotiable certificates of deposit sale. It said it expected to continue the issuance program in several tranches within the period allowed by the Bangko Sentral "but not to exceed P5 billion."
EastWest raised P1.53 billion when it conducted its first tranche of LTNCD sale in November last year.
The bank is a subsidiary of the Filinvest Development Corp., the publicly-listed holding company of the Filinvest Group that evolved from a consumer business founded by Andrew Gotianun Sr. in 1995.
FDC is one of the country's premier conglomerates, with business interests in real estate, banking, sugar, hospitality and tourism, and power generation.
