East West Bank enters non-life insurance business

GOTIANUN-led East West Bank has obtained approval from the Securities and Exchange Commission to incorporate a new wholly-owned subsidiary that will handle non-life insurance brokerage.

The SEC had approved the articles of incorporation and by-laws of the new unit called East West Insurance Brokerage Inc. (EWIB), the bank told the Philippine Stock Exchange.

The non-life insurance brokerage subsidiary is seen to complement the bank’s loan products and make access to protection convenient for its corporate and retail clients.

The creation of the wholly owned non-life insurance brokerage was one of the items approved during the bank’s annual stockholders meeting held last April.

Having put in place greater 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.