Standard Chartered Bank Philippines said it completed over the weekend the migration of its retail banking business to East West Banking Corp., a move seen to further enhance the growth of the latter’s retail and consumer banking business.
Transfer included credit cards, personal loans, wealth management and retail deposits.
The banks said in a joint statement the retail business transfer was aligned with Standard Chartered Bank’s global strategy to focus on retail markets where it had scale.
The two banks which announced the agreement in May said they had worked closely to ensure a smooth and seamless transition for the clients and staff.
“Our corporate and institutional banking business in the Philippines has built a strong track record as a leader in providing client-centered value propositions that are innovative and transformative. Over the recent years, the business has seen sustained growth in securing mandates for capital markets, corporate finance and transaction banking segments,” SCB Philippines chief executive and head of global banking Philippines Lynette Ortiz said in a statement.
Standard Chartered has been present in the Philippines for over 144 years, and is the oldest international bank in the country.
Standard Chartered will continue to operate as a corporate bank and its clients will be serviced through a corporate branch located at the 7th Floor of Standard Chartered Building, 6788 Ayala Avenue, Makati City.
EastWest president and chief executive Antonio Moncupa Jr. said the transfer would benefit all of its new customers.
“This retail transfer is a key step in our growth strategy, putting EastWest in a better position to deliver long-term value for our customers, employees, shareholders, and the communities we serve,” Moncupa said.