East West Bank vice chair and CEO Antonio Moncupa
The Gotianun group has refuted rumors that its banking arm, EastWest Bank, is on the auction block.
“Filinvest Development Corp. (FDC) is not in any discussion nor does it plan to, with regards to any potential sale of EastWest Bank,” FDC chief executive officer Josephine Gotianun-Yap said in a press statement on Monday night.
The Gotianun group issued this statement amid rumors that a certain bank is in talks of merging with or acquiring the FDC subsidiary.
“EastWest Bank is one of the pillars of FDC,” said Gotianun-Yap. “We remain very positive with its consistent high performance and we believe it is well positioned to continue to grow and sustain its track record of being among the most profitable listed universal banks in the industry.”
FDC stated that it did not make any business sense to let go of a highly profitable business.
“We are poised for another record year of profits,” said EastWest chief executive officer Antonio C. Moncupa Jr.