East West, Stan Chart complete retail transfer
29 November 2016 — The migration of the retail banking business of Standard Chartered Bank Philippines (SCB PH) to East West Banking Corporation (East West) was successfully completed last weekend. Transfer included credit cards, personal loans, wealth management and retail deposits.
Since the announcement of the agreement earlier in May, East West and SCB PH have worked closely to ensure a smooth and seamless transition for the clients and staff.
The retail business transfer is aligned with Standard Chartered Bank’s global strategy to focus on retail markets where it has scale. Standard Chartered has been present in the Philippines for over 144 years, and is the oldest international bank in the country. It will continue to operate as a corporate bank and its clients will be serviced through a corporate branch located at the 7th Floor of Standard Chartered Building, 6788 Ayala Avenue, Makati City.
“Our corporate and institutional banking business in the Philippines has built a strong track record as a leader in providing client- centered value propositions that are innovative and transformative. Over the recent years, the business has seen sustained growth in securing mandates for capital markets, corporate finance and transaction banking segments,” said Lynette V. Ortiz, SCB PH Chief Executive Officer and Head of Global Banking Philippines.
East West has been building scale and continue to explore growth opportunities, particularly in the retail and consumer segments. In an earlier statement, East West said that it expects this agreement to be value accretive as it further enhances the bank’s retail and consumer banking scale.
“We are very pleased that the transfer of SCB PH’s retail business to East West went smoothly as planned, and we’re excited to welcome all of our new customers who will benefit from East West’s bigger store network and wider range of products and services. This retail transfer is a key step in our growth strategy, putting East West in a better position to deliver long-term value for our customers, employees, shareholders, and the communities we serve,” said Antonio C. Moncupa, Jr., East West President and CEO.
East West is one of the fastest growing universal banks and is ranked among the top 10 privately owned local banks in the Philippines. It is a subsidiary of Filinvest Development Corporation (FDC), one of the country’s largest conglomerates with a diverse range of interests from real estate, banking, sugar, hospitality/tourism to power generation.