EastWest Banking Corp. (EastWest) is planning to grow its branch network to 350 in the next two years. 

In a disclosure to Philippine Stock Exchange (PSE), EastWest, one of the fastest-growing banks in the country today, said that they remain steady in their bid to be a major industry player as they continue to aggressively expand. EastWest opened three new branches in October 10, bringing its total branch network to 188 to date. 

"For this year, EastWest plans to open a total of 100 branches and grow its network to 350 by 2014," EastWest said in the disclosure. 

The bank said this development is reflective of its commitment to shareholders to open branches at an accelerated pace in key locations all over the country. The three new branches that were opened are located in Boni Avenue, Mandaluyong City; Santolan, Pasig City and Balibago in Angeles City, Pampanga. In the pipeline are more than 60 branches that will consecutively open in the next few months. 

On Feb. 14, EastWest made great strides as it simultaneously opened 22 new branches in a single day. Meanwhile, aside from organic growth, EastWest is also among the banks actively acquiring other lenders. In the middle of this year, EastWest acquired Pasig City-based Finman Rural Bank, less than a year after acquiring Green Bank of Caraga in Butuan City. 

Last July, the bank received its universal bank license after successfully fulfilling the requirements of the Bangko Sentral ng Pilipinas to hold an initial public offering and list its shares at the stock market. With an expanded license, the bank will be authorized to venture into investment banking and non-allied undertakings. However, the added capabilities from EastWests unibank license will be directed to serve the mid- sized corporates and consumer segments better. 

The bank earlier reported its first semester net income grew three percent to P910.5 million as against the income in the same period last year.