MANILA, Philippines - The Securities and Exchange Commission (SEC) has formally approved the merger of East West Banking Corp. and Caraga-based Green Bank (A Rural Bank) Inc.
EastWest Bank, a universal bank owned by the Gotianun family, is planning to use Green Bank to widen its presence in Mindanao.
The bank is now doing all the necessary preparations to step up their rural bank operations.
In 2006, EastWest Bank bought P750 million worth of shares in Green Bank, which has 46 branches.
In June 2012, EastWest Bank’s board approved the purchase of 100 percent stake worth P120 million in Finman Rural Bank Inc. located in Pasig City.
EastWest Bank president and CEO Antonio Moncupa Jr. said they have been on an acquisition mode to boost its consumer lending business.
EastWest Bank also expressed interest to participate in the recapitalization scheme of United Coconut Planters Bank.
In 2009, it acquired the consumer finance units of AIG bundled into AIG Philam Savings Bank. In 2003, it also bought Ecology Savings Bank Inc.
EastWest Bank is eyeing a nationwide network of 350 branches to make it the fifth largest bank in terms of network.
Most of the new branches will be located in Manila, Makati, Pasig, Quezon City, Mandaluyong, Pasay, San Juan and Parañaque.