EastWest sets up new venture
Gotianun-led East West Bank is setting up a wholly owned financial leasing subsidiary as part of efforts to diversify its earnings stream as a universal bank.
The new unit will be called EastWest Leasing and Financing Corp. (EWLFC), bank president Antonio Moncupa Jr. said in a text message Wednesday.
Moncupa said EastWest would put an initial equity of P100 million to set up the new venture.
In a disclosure to the Philippine Stock Exchange, EastWest said the BSP had allowed the bank to infuse the initial equity investment to set up the new unit.
“EWLFC completes the lending product menu of EastWest and gives us the opportunity to serve comprehensively the financing requirements of our customers,” Moncupa said.
The next step for EastWest is to await approval from the Securities and Exchange Commission to register the financial leasing company.
