Products
Description
East West Banking Corporation, commonly known as EastWest Bank, is a universal bank and the eleventh-largest bank in the Philippines. Its assets amounted to ₱468,487 million as of 2024. It’s one of the banking subsidiaries of the Filinvest Group and one of the youngest banks in the country, with only 30 years of history. it has over 490 branches and over 584 ATMs.
EastWest Bank’s Products
EastWest offers 4 main types of financial products:
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Accounts: it has 4 savings, 3 checking, 2 tiered deposits, and 1 time deposit accounts. It also offers an account in US dollars which earns interest with a balance of $500 or more.
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Cards: EastWest offers Visa, MasterCard, and JCB cards. Among the options, there are 13 credit cards, 3 debit cards, and 3 prepaid cards.
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Loans: it grants car loans with up to 36% interest, home loans with around 7% interest, and personal loans of up to ₱ 3,000,000 with up to 56% interest. Clients must be at least 21 years old, and no more than 65 at the end of the loan’s term.
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Investments: EastWest offers investing in trust funds and fixed-term securities, and it has a quiz that recommends investment products depending on factors like the client’s goals, experience, risk tolerance, and net worth.
EastWest doesn’t offer insurance products, except for a savings account that gives pet insurance as you save up money.
There is a mobile app, EasyWay, available for clients to access their money without having to go to a branch. And they also have Komo, a separate bank that operates completely digitally.
EastWest Bank’s History
EastWest Bank was first established in 1988 when the Central Bank granted it a commercial banking license. However, it opened to the public several years later, in 1994. This new bank was an opportunity for the founding family, the Gotianun, to enter the banking space again after having sold the banks they owned a few years earlier.
In 2002, it merged with the Ecology Savings Bank and in 2009, with the AIG Philam Savings Bank. After the mergers, EastWest was the sixth-largest lender in the country, especially for housing and car loans, and credit cards.
In 2012 it had shares listed in the Philippine Stock Exchange for the first time, and it also gained its universal banking license that year.
In 2013, EastWest acquired Green Bank, the largest rural bank of Caraga at the time. The merger allowed EastWest to enter the microfinance business. Green Bank was then transformed into EastWest Rural Bank which is still in operation today.
In 2016 it also acquired the retail side of Standard Chartered Bank Philippines. This retail business included deposits, personal loans, credit cards, and wealth management. After the acquisition, all accounts, personnel, and branches were transferred to EastWest.
In 2020, it was one of the few banks that were granted a license to launch a fully digital bank. With it, EastWest launched Komo, which operates through a mobile app and has no physical branches.
