Derek to the point: EastWest Bank’ fascinating auto loan story
Hunk, heartthrob and huge fan of cars Derek Ramsay is EastWest Bank’s “bankable” personality to promote ongoing campaigns to entice more customers to open an account. Or better, to get an auto loan.
The bank has an ongoing free-gas promo, where approved loan applicants get up to P50,000 in free fuel. Another is the “Dream Big Win Big” raffle, the bank’s biggest promo to date that gives away a one-bedroom condominium unit with parking space at The Beaufort, two Mercedes-Benz luxury sedans, and P1.7 million in cash prizes to lucky depositors and auto loan clients.
As the bank’s brand ambassador, Ramsay personifies EastWest Bank’s confident and achieving personality, according to Antonio Moncupa Jr., EastWest Bank president and CEO. “He’s fresh, has a good image, and is really a very nice guy,” adding that the hot celebrity, who loves to drive cars and go on out-of-town trips, reflects EastWest Bank’s refreshed and invigorated image.
Moncupa said the bank has been undergoing a renewal process of sorts in the last five years by being more aggressive at expanding its base and reach, and more focused on making the brand known.
EastWest Bank is currently one of the fastest-growing banks in the country today. Fifty percent of its portfolio of products constitutes consumer loans, which have been experiencing speedy growth, particularly the card products. The bank’s auto loans likewise have increased significantly, helping the bank maintain its position as the sixth-largest provider of auto loans in the country.
EastWest Bank’s free gas promo, which will end on November 30, has already given a total of P3 million worth of free gas to auto loans clients. Moncupa said EastWest Bank is the only bank that provides such generous come-ons to auto loan clients.
Ramsay is a firm believer of the brand he endorses. He said his entrepreneur parents have been clients of the bank since 1994. The family business grew with borrowed money from the bank, enabling Ramsay’s parents to hire up to 200 employees, as well as provide Ramsay and his brood a comfortable life.
“They worked hard, paid their debts faithfully, and now have around 200 employees. They sent us children to good schools and gave us a comfortable life. That would not have happened if they didn’t take the risk.
“This is why I believe in EastWest Bank’s Auto Loan program,” said Ramsay. It enables the consumer to purchase his dream car and see places, too. Through EastWest Bank’s Auto Loan program, the consumer can drive up to his dream places—plus more.
The bank also offers the fastest turnaround for approval, said Ramsay.
Moncupa said the bank has been aggressively expanding as well, “pushing loan products and lending more to consumers.” Now with 120 branches, there are plans to expand the number to more than 300 in five years’ time, with Moncupa saying EastWest Bank also hopes to breach its P100-billion net worth this year.
This year marks a new era for the bank, which is preparing to go public and join the big league. “We want to create a little noise, and the promo is to relaunch the bank,” says Moncupa.
EastWest Bank opened its doors to the public on Aug. 1, 1994. The bank is a subsidiary of the Filinvest Development Corp. (FDC), the publicly listed holding company of the Filinvest Group that evolved from a consumer business founded by Andrew L. Gotianun Sr. in 1955.