EastWest Auto Loan wins big In Singapore
AT 2019 ASIAN BANKING AND FINANCE RETAIL BANKING AWARDS
THE Gotianun-led EastWest Bank won two awards at this year’s Asian Banking and Finance Retail Banking Awards held last July 18 at the Shangri-La Singapore for its Auto Loan business. EastWest Auto Loan product won the Automobile Lending Initiative of the Year and Consumer Finance Product of the Year awards for the Philippines category.
“We’re definitely happy to be recognized in the region for our stellar and tireless work in fulfilling our customers’ demand for auto loan in the Philippines, despite the challenging market conditions,” said EastWest Auto Loan Sales FVP and head Jocelyn Legaspi. “These awards inspire us to innovate further so we can continuously be the best in class.”
EastWest Auto Loan comprises the largest share of the bank’s consumer loan portfolio, growing into a major player in the industry with a 19% growth in total amount financed in 2018 versus the previous year, and a cumulative growth rate of 42% in loan receivables. The bank achieved its growth despite a contraction in the auto loan industry last year.
EastWest executed strategic maneuvers to grow their auto loan business, such as exclusive dealer tieups, expansion of satellite centers to invigorate market reach in the provinces, unique marketing and sales programs, and improved brand marketing.
“We at EastWest are always committed to providing the best service to our customers,” Legaspi added, “by banking on our robust dealer relationships and improving overall service from applications processing to payments.”