East West Banking Corp. and Standard Chartered Bank Philippines signed an agreement on SCB PH’s retail business.
Under the agreement, the credit cards, personal loans, wealth management and retail deposits of SCB in the Philippines will be migrated to EastWest.
EastWest and SCB PH will work closely in the coming months to collaborate on a range of retail banking opportunities and to provide a seamless transition for the retail banking clients and staff to EastWest.
Anirvan Ghosh Dastidar, chief executive of SCB PH, said the agreement with EastWest for Standard Chartered’s retail business in the Philippines was aligned with its global strategy to focus on retail markets where Standard Chartered had scale.
“Standard Chartered remains fully committed to the growth of our corporate and institutional banking business in the Philippines which is a core part of our Asean network. Our agreement with EastWest will allow us to leverage on their scale and product offering to meet the retail needs of our clients. In the meantime, our retail banking clients will continue to have access to all of our existing banking services,” said Dastidar.
EastWest has been building scale and exploring growth opportunities. EastWest president and chief executive Antonio Moncupa Jr. said the bank continued to seek opportunities to grow, especially in the retail and consumer segments.
“We are very pleased to have been chosen by Standard Chartered Philippines as its counter-party in this agreement. We expect this agreement to be value accretive as we further enhance our retail and consumer banking scale. We look forward to future opportunities to assist Standard Chartered in serving the retail banking needs of its corporate and institutional clients,” said Moncupa.
The agreement is expected to be completed within the year, subject to regulatory approvals.