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East West Bank doubles branches to 245


MANILA, Philippines—The Gotianun-led East West Bank doubled the number of its branches to 245 in 2012 in line with plans to build a 350-strong local distribution channel to support further growth objectives by 2014.

In a disclosure posted on the Philippine Stock Exchange on Monday, EastWest said it opened 123 new branches—which the bank calls as “stores”—in different areas in Metro Manila, Luzon, Visayas and Mindanao in 2012.  As of the end of 2011, its distribution channels numbered only 122.

“EastWest’s commitment to its shareholders is to open new stores around the country at a rapid pace, which it has fervently pursued,” the bank said.

The bank said it would continue its “store” expansion and grow the network to at least 350 by 2014 as committed when it went public in 2012.

Last November, EastWest was included in the MSCI Global Small Cap indices list. MSCI is a trusted and leading provider of investment decision support tools to investors globally, including asset managers, banks, hedge funds and pension funds. The MSCI Small Cap Index measures the equity performance of small cap stocks in developed and emerging markets around the world.

In October 2012, EastWest was named by financial magazine The Asian Banker as the sixth-strongest bank in the Philippines.

Late last year, EastWest announced its offering of P5 billion worth of Long-Term Negotiable Certificates of Time Deposit (LTNCD), which will mature in five years. The first tranche was issued in November totaling P1.5 billion.

From January to September last year, East West grew its net income by 12 percent year on year to P1.36 billion. It expanded its loan book by 36.1 percent year on year to P60.97 billion.

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Tags: bank branches , Banking , banks , Business , corporate disclosure , East West Bank , Philippines

  • Hersheys168

    This bank is very aggressive. I received several calls last year from their agents offering their credit card. I told them that I decline the offer since I already have credit cards and asked them to remove my cellphone number from their list. Unfortunately, they keep on calling me during my busy time offering the same credit card. I think I already received 20+ calls last year and 20+ request to remove my cellphone number from their database.

    EWB, please do not irritate your target clients.

  • investor888

    At the current Price to Book value of 1.8 & an income target of P 1.8B vs. P 1.7B ( 2011), the current price of P 29.25 is already at higher range with a P/E multiple of 18.33 based on its profit guidance for 2012 as compared to most of the banks.

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