Gotianuns not selling East West Bank

East West Banking Corporation denied rumors that it is being sold to another bank.

“We have been getting some queries from the media if the rumor that EastWest Bank (EW) is set to be acquired by another bank is true. No, it is not true. Filinvest Development Corp. (FDC) is not in any discussion nor does it plan to, with regards to any potential sale of EastWest Bank,” FDC CEO Josephine Gotianun-Yap said.

There has been some speculation from media and netizens referencing how a certain bank was in talks of merging with or acquiring the FDC subsidiary.

“EastWest Bank is one of the pillars of FDC,” said Gotianun- Yap adding that, “We remain very positive with its consistent high performance and we believe it is well positioned to continue to grow and sustain its track record of being among the most profitable listed universal banks in the industry.”

She noted that, FDC, the controlling stockholder of EW, is one of the country’s biggest business conglomerates. And for the conglomerate to let go of a highly profitable business just does not make any business sense.

“We are poised for another record year of profits,” said EW CEO Antonio C. Moncupa Jr.

With inflation under control and the BSP ensuring adequate market liquidity, interest rates had gone lower. The lower rates magnified EW’s advantage from being business and consumer focused, and further enhanced its margins.

Together with its improving deposit structure from the growth of lowercost current and savings accounts, the Bank is looking forward to sustaining its top position in profitability.

For the last three years, EW has ranked No. 1, No. 2, and No. 3 profitability position in the banking industry in terms of Return on Average Equity (ROAE) from 2017, 2018, and 2019, respectively.