The migration of the retail banking business of Standard Chartered Bank Philippines (SCB PH) to East West Banking Corp. (EastWest) was successfully completed last weekend, the banks said.
In a statement late Tuesday, the lenders said the transfer included credit cards, personal loans, wealth management and retail deposits.
Since the announcement of the agreement in May this year, EastWest and StanChart have worked closely to ensure a smooth and seamless transition for the clients and staff, they said.
The banks said the retail business transfer is aligned with Standard Chartered Bank’s global strategy to focus on retail markets where it has scale. Standard Chartered has been present in the Philippines for over 144 years, and is the oldest international bank in the country.
It will continue to operate as a corporate bank and its clients will be serviced through a corporate branch located at the 7th Floor of Standard Chartered Building, 6788 Ayala Avenue, Makati City.
“Our corporate and institutional banking business in the Philippines has built a strong track record as a leader in providing client-centered value propositions that are innovative and transformative. Over the recent years, the business has seen sustained growth in securing mandates for capital markets, corporate finance and transaction banking segments,” said Lynette Ortiz, SCB PH chief executive officer and head of Global Banking Philippines.
EastWest said it has been building scale and continue to explore growth opportunities, particularly in the retail and consumer segments.
In an earlier statement, EastWest said that it expects this agreement to be value accretive as it further enhances the bank’s retail and consumer banking scale.
“We are very pleased that the transfer of SCB PH’s retail business to EastWest went smoothly as planned, and we’re excited to welcome all of our new customers who will benefit from EastWest’s bigger store network and wider range of products and services,” said Antonio Moncupa Jr., EastWest president and chief executive officer.
“This retail transfer is a key step in our growth strategy, putting EastWest in a better position to deliver long-term value for our customers, employees, shareholders, and the communities we serve,” he said.