Filinvest Development Corporation (FDC) diversified its business interests by incorporating East West Banking Corporation (EWBC) in March 1994. The decision was based on the Group’s re-entry into the financial and banking services industry, an area in which FDC had gained previous experience in the 1970s and 1980s through its ownership of Family Bank and Trust Company, a universal bank, and Insular Bank of Asia and America. EWBC is wholly owned by FDC.
EWBC is a medium-sized commercial bank in the Philippines that provides a range of services to consumer and corporate clients. EWBC’s principal banking products and services include deposits, cash management, commercial and consumer loans, trade facilities, remittance, foreign exchange, fixed income securities investments, derivatives and trust services.
As of September 30, 2010, EWBC had a total of 96 branches, with 60 branches strategically located in Metro Manila and a network of 102 ATMs that provide 24-hour banking services nationwide. The Filinvest Group continues to make significant investments in EWBC’s information technology, operational processes and governance to facilitate the bank’s growth and competitiveness. In January 2009, EWBC acquired 100% of AIG PhilAm Savings Bank, Inc., Philam Auto Finance and Leasing, Inc. and PFL Holdings, Inc. and merged these into EWBC in September 2009. These companies had significant auto loan and credit card businesses.