EastWest Banking Corp., in line with its plan to grow its branches to 350 in 2014, concluded 2012 with 245 branches nationwide.

In a disclosure to the Philippine Stock Exchange (PSE), EastWest announced that the number of its branches has reached 245 or a two-fold increase compared to its end-2011 total of 122.

The firm’s branches totaled 245 after it opened 123 new ones in the previous year in different areas in Metro Manila, Luzon, the Visayas and Mindanao.

“For this year [2012], EastWest plans to open a total of 100 branches and grow its network to 350 by 2014,” the bank earlier said.

In its previous disclosure to the PSE, EastWest said that it remains steady in its bid to be a major industry player as it continues to aggressively expand. EastWest opened three new branches in October 10, which are located in Boni Avenue, Mandaluyong City; Santolan, Pasig City; and Balibago in Angeles City, Pampanga.

Earlier this year, EastWest made great strides as it simultaneously opened 22 new branches in a single day.

In mid-2012, EastWest announced its offering of P5-billion worth of Long-Term Negotiable Certificates of Time Deposit, which will mature in five years. The first tranche was issued in November totaling P1.5 billion. EastWest also concluded first nine months of 2012 with a net income of P1.36 billion, 12 percent up from the same period in 2011.

In July, the bank received its universal bank license after successfully fulfilling the requirements of the Bangko Sentral ng Pilipinas to hold an initial public offering and list its shares at the PSE.

With an expanded license, the bank will be authorized to venture into investment banking and non-allied undertakings. However, the added capabilities from EastWest’s unibank license will be directed to serve midsized corporates and consumer segments better.