EastWest enters into an agreement with Standard Chartered for its retail…
SCB PH CEO Anirvan Ghosh Dastidar and EastWest Pres. & CEO Antonio Moncupa, Jr.
May 6, 2016 — East West Banking Corporation (EastWest) and Standard Chartered Bank Philippines (SCB PH) have entered into an agreement for SCB PH’s retail business. Under the agreement, the credit cards, personal loans, wealth management and retail deposits of SCB in the Philippines will be migrated to EastWest. EastWest and SCB PH will work closely in the coming months to collaborate on a range of retail banking opportunities and to provide a seamless transition for the retail banking clients and staff to EastWest.
According to Anirvan Ghosh Dastidar, Chief Executive Officer of SCB PH, the agreement with EastWest for Standard Chartered’s retail business in the Philippines is aligned with its global strategy to focus on retail markets where Standard Chartered has scale. “Standard Chartered remains fully committed to the growth of our corporate and institutional banking business in the Philippines which is a core part of our ASEAN network. Our agreement with EastWest will allow us to leverage on their scale and product offering to meet the retail needs of our clients. In the meantime, our retail banking clients will continue to have access to all of our existing banking services,” said Dastidar.
EastWest has been building scale and exploring growth opportunities. Antonio Moncupa Jr., President and Chief Executive Officer of EastWest, said that the bank continues to seek opportunities to grow, especially in the retail and consumer segments. “We are very pleased to have been chosen by Standard Chartered Philippines as its counterparty in this agreement. We expect this agreement to be value accretive as we further enhance our retail and consumer banking scale. We look forward to future opportunities to assist Standard Chartered in serving the retail banking needs of its corporate and institutional clients,” said Moncupa.
The agreement is expected to be completed within the year, subject to regulatory approvals.
