The Securities and Exchange Commission approved the registration and incorporation of EastWest Leasing & Finance Corp., a wholly-owned subsidiary of EastWest Banking Corp., the financial services arm of Filinvest Group.
EastWest Leasing, which aims to complement the core lending activities of EastWest Bank, will soon operate and contribute to the bank’s growth and further diversify its income sources.
“Our mandate is to develop the leasing business and portfolio, thereby creating synergies with the different business units of EastWest Bank and the Filinvest Group,” EastWest Leasing president Armando Inabangan Jr. said in a statement Friday.
Bangko Sentral ng Pilipinas approved in July this year EastWest Bank’s P100-million equity investment in EastWest Leasing, which is ten times the minimum regulatory requirement.
“We have completed the major regulatory approvals and are now applying for the requisite local business permits and licenses to start commercial operations. EastWest Leasing is most likely weeks away from providing alternative financing packages to the SME and corporate clients of EastWest,” Inabangan said.
EastWest Leasing will offer financial (direct and sale-and-lease back) and operating leases, factoring, amortized commercial loans and other financing products and services. The company will initially focus on the existing clients of EastWest and simultaneously team up with various vendors/sellers of equipment and machineries.
As the newest entrant in the market, EastWest Leasing will focus on value and customer service. “The competition within the sector is basically based on pricing or low interest rates. Thus, we will not compete directly in terms of pricing. We will exert efforts to compete based on value creation and better customer service,” Inabangan said.