Patch Adams

Topics: Philippines, Bank, Banking Pages: 8 (2843 words) Published: August 6, 2013
East West Bank (Universal Bank)
EastWest Bank (PSE: EW), more formally known as East West Banking Corporation, is a universal bank in the Philippines. Its headquarters is at The Beaufort, the flagship luxury condominium project of Filinvest Development Corporation at the Bonifacio Global City with extension offices at PBComm Tower Makati City (Call Center Division), Hanston Building (Customer Care), and Pasong Tamo Extension (formerly the country head office of Levi's Philippines).

-------------------------------------------------
History
EastWest Bank was created on July 6, 1994 as the Philippines' thirty-fourth commercial bank. It was on that date that the Bangko Sentral ng Pilipinas granted EastWest Bank its commercial banking license. Backed-up by the Filinvest Group of Companies, EastWest Bank opened to the public along Senator Gil Puyat Avenue, Makati on August 1, 1994. This was the comeback of the Gotianun's in the banking space after they sold the Insular Bank of Asia and America to PCIBank in 1986 (which was acquired by Equitable Bank forming Equitable PCI Bank which in turn was acquired by Banco De Oro in 2006) and Family Savings Bank to BPI (which was renamed BPI Family Savings Bank). EastWest Bank has developed its online banking facilities and has embarked on a full computerization program for a more efficient system to deliver bank products and services. It moved to its present headquarters at the 20th floor of PBCom Tower in November 2001. In 2004, the Bank received the prestigious Best Website Award in the Banking andj Finance category of the 7th Philippine Web Awards, the most coveted award in the field of web design. EastWest Bank has a network of 129 branches and 145 ATM terminals, this after the merger with the former AIG Philam Savings Bank. The merger resulted in EastWest Bank becoming the sixth largest lender for housing, auto and credit cards in the country. The bank now currently has 250 branches and more than 350 ATMs in the country. It has an aggressive expansion plan and it calls its branches stores. EastWest Bank joined the Philippine Stock Exchange on May 7, 2012. The bank was later on granted a universal banking license on July 31, 2012.

-------------------------------------------------
Subsidiaries and affiliates
EastWest Bank is a subsidiary of the Filinvest Development Corporation, a publicly listed company founded by Andrew Gotianun, Sr. in 1955. The Filinvest Group is composed of companies engaged in diverse businesses. It operates its real estate business primarily through its majority-owned subsidiaries, Filinvest Alabang, Inc. and Filinvest Land, Inc. EastWest Bank joined BancNet in 1994 as an Associate member, with full use of the network's facilities and services but without voting rights. In late 2008, EastWest Bank acquired a shareholding in the network, affording the Bank a Board seat as a full member bank.

-------------------------------------------------
Competition
East West Bank competes with other commercial banks, such as Citibank, and Standard Chartered Bank.

China Bank (Commercial Bank)
China Banking Corporation (PSE: CHIB), known publicly as China Bank is Philippines' fourth largest universal bank by market capitalization. Established in 1920, it is the first privately owned commercial bank in the Philippines. It is likewise the first bank in Southeast Asia to process deposit accounts on-line in 1969 and the first Philippine bank to offer phone banking in 1988. China Bank is one of the strongest and most profitable banks in the Philippines today. The Bank posted a January to September 2009 net income of P3.21 billion, 40.7% higher than the P2.28 billion income recorded for the same period in 2008. This income performance translates to a 15.53% return on equity and a 2.02% return on assets, among the highest in the industry.

China Bank provides a wide range of banking services through 248 branches and 388 ATMs nationwide (including China Bank...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Reflection for Patch Adams Essay
  • Patch Adam Essay
  • Essay about Patch Adams
  • Reaction Paper on Patch Adams
  • Patch Adamas Essay
  • A Compact Meandered Microstrip Patch Antenna Essay
  • Design of Compact Dual-Band Microstrip Patch Antenna Essay
  • Post-Freudian Pshychoanalytic Theory of Adam & Eve Essay

Become a StudyMode Member

Sign Up - It's Free