About bank
EastWest Bank was founded on July 6, 1994, when the Bangko Sentral ng Pilipinas gave a commercial banking license to the company. EastWest Bank, owned by the Filinvest Group of Companies, opened to the public on August 1, 1994, along Senator Gil Puyat Avenue in Makati.
EastWest Bank is one of the fastest-growing consumer-focused banks in the Philippines. It has 445 branches around the country that offer a comprehensive range of banking products and services. The bank also offers linked financial products like non-life insurance brokerage, bancassurance, leasing, etc. Eastwest Bank is a Filinvest Development Corporation (FDC) division, a significant conglomerate in the Philippines with diverse interests in financial services, real estate, hospitality, tourism, and power generating projects.
The bank has many fully owned subsidiaries like East West Rural Bank Inc., East West Insurance Brokerage Inc., East West Leasing and Finance Corporation, etc. It also controls 50% of East West Ageas Life Insurance Corporation, a life insurance company created with Ageas Insurance International N.V.
Features
Eastwest Bank has 490 stores, 392 of which are Eastwest parent financial institution stores, and 98 are Eastwest Rural Bank stores. It also has 584 ATMs country-wide and offers online banking services to corporations: Eastwest online-personal and Eastwest online-corporate. Furthermore, the bank offers mobile financial services (Eastwest mobile), mobile banking, etc., with 24-hour customer care support.
Its extensive retail network is supplemented by three corporate banking offices in Metro Manila and twelve regional offices throughout the country. Eastwest Bank is consistently upgrading its additional delivery channels, such as online and mobile banking, to serve both business and individual clients better. Eastwest Bank aspires to be a strong player in the Philippine financial services sector and strives to provide global standards to its consumers.
Eastwest Bank prioritizes asset growth, retail network optimization, new revenue stream development, and distribution channel diversification. The bank continuously enhances its tech support by improving its risk management and organizational operations. Furthermore, it is also focused on advancing its professional qualities to provide better client services.
Pros and cons
Eastwest Bank has the experience of multiple decades, which provides it with the credibility of one of the nation's reliable financial institutions. However, it's also important to consider these benefits and drawbacks before using the bank's products and services.
Pros
-
The bank has multiple branches and ATMs in the Philippines.
-
The bank offers a variety of banking products and services.
-
The bank also offers online services to its clients.
Cons
-
The bank has some stringent loan-granting requirements.
-
The bank has made it mandatory for customers to visit its branch before conducting some banking transactions like applying for certain loans, etc.
Products
Eastwest Bank offers a wide range of products to fulfill its customers' banking and financial needs. They are as follows:
-
Deposit products. The deposit products offered by Eastwest Bank include savings accounts, checking accounts, tiered deposit accounts, time deposit accounts, and foreign currency deposit accounts.
-
Cards. This includes debit cards, prepaid cards, and credit cards.
-
Financing products. The bank offers financial products like auto loans, home and property loans, and personal loans.
-
Acquired assets. The acquired asset products are pre-owned auto loans and pre-owned properties.
-
Investments. Whether a cautious or ambitious investor, the bank has the correct investment solutions to help you develop and safeguard your money. They include fixed income products, unit investment trust funds (UITF), and trust services.
-
Insurance. This includes different types of Eastwest insurance and brokerage products.
-
Cash management. This product enables you to outsource numerous aspects of your financial management. They include:
-
Payroll. Their payroll products include secure and convenient options for monitoring your employees' working hours, preparing payroll, and processing payments to your employees' accounts.
-
Disbursement. This product addresses your company's high-volume disbursements. Their service allows you to securely and effectively manage your financial transfers.
-
Collection. This product provides a safe, quick, and convenient way to manage your collections, including direct debit, bill payment, pick-up, and deposit to your account.
-
Liquidity. They make transferring and managing funds between accounts easier, reducing idle cash.
-
Government payments (eGov). You can use their online BancNet product to file and resolve your government payments to BIR, SSS, Philhealth, and Pag-IBIG.
-
