East West unit incorporation approved
THE SECURITIES and Exchange Commission has approved the incorporation of East West Insurance Brokerage Inc. (EWIB), a wholly owned subsidiary of East West Bank which will engage in nonlife insurance brokerage business.
This was disclosed by the Gotianun-led bank to the Philippine Stock Exchange Tuesday.
The nonlife insurance business is seen to complement the bank’s lending operations and make access to protection convenient for its corporate and retail clients. The creation of the nonlife insurance unit was one of the items approved during the bank’s annual stockholders meeting held last April.
Having put in place a distribution network, East West Bank plans to make use of its universal banking license—which gives it leeway to embark on other allied and non-allied businesses outside of regular commercial banking—to build new businesses and boost productivity.
Recently, East West Bank also signed a joint venture agreement with Ageas Insurance International NV for the creation of a new life insurance company to be called EastWest Ageas Life.
These insurance brokerage businesses are seen to serve the requirements of the consumer and mid-market segments.
In April, the bank’s articles of incorporation were amended to double authorized capital stock to P40 billion. In May, the bank completed an P8-billion fresh capital raising through the sale of new shares to existing investors.
East West Bank also plans to go into the stock brokerage business. Doris Dumlao-Abadilla
