Monetary Board okays merger between East-West, Filinvest Capital

The Monetary Board has approved the merger of East-West Bank and Filinvest Capital, a move that would enable the bank to meet the P2.4-billion minimum capital for a commercial bank.

East West Bank became the 34th commercial bank in the country when Bangko Sentral ng Pilipinas granted it authority to operate as a commercial bank on July 6, 1994. It started operations on Aug. 1, 1994 and now has an authorized capital of P2.3 billion.

Bangko Sentral ng Pilipinas Deputy Governor Alberto V. Reyes said East-West does not need much to comply with the minimum capital requirement. Right now, he said, the bank’s capital is already over P2 billion and only slightly below P2.4 billion.

East West Bank had initially targeted the middle-market and medium-sized companies. At present, it has 38 branches, nine of which are located in key provincial areas. The bank plans to put up more branches in the coming years to cover strategic points throughout the country. East West Bank’s Ready Teller ATMs are linked to over 1,500 Bancnet and Megalink ATM networks.

Filinvest Capital, is the Filinvest Group’s investment house, formed in February with revenues and net profits reaching P77 million and P43 million, respectively. –Des Ferriols