EastWest Bank not for sale, say owners

Executives of Gotianun-led EastWest Bank Corp. on Tuesday denied rumors that the bank is for sale or up for acquisition by another bank.

“We have been getting some queries from the media if the rumor that EastWest Bank (EW) is set to be acquired by another bank is true. No, it is not true,” Filinvest Development Corp. (FDC) CEO Josephine Gotianun-Yap said in a disclosure to the Philippine Stock Exchange.

Conglomerate FDC is the controlling stockholder of EastWest Bank.

Gotianun-Yap said FDC “is not in any discussion nor does it plan to, with regards to any potential sale of EastWest Bank.” 

“EastWest Bank is one of the pillars of FDC,” she said.

“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,” she added.

For his part, EastWest Bank CEO Antonio Moncupa Jr. said the bank is poised for another record year of profits.

“With inflation under control and the BSP ensuring adequate market liquidity, interest rates had gone lower. The lower rates magnified EW’s advantage from being business and consumer focused, and further enhanced its margins. Together with its improving deposit structure from the growth of lower-cost current and savings accounts, the Bank is looking forward to sustaining its top position in profitability,” he said.

“In the last few years, there have been a number of queries, both from local and international entities, if EW is open to take new investors. I guess some sectors are attracted to EW’s unique business model and consistent high profitability record. But, no. We think that our stockholders will be better served if EW first optimized its potential as an independent company,” he added. —Ted Cordero/KG, GMA News