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Green Bank of Caraga Bought by EastWest Bank
« on: January 13, 2012, 07:52:31 AM »
by PNA

The Bangko Sentral ng Pilipinas (BSP) has approved EastWest Bank’s acquisition of Green Bank of Caraga.

EastWest Bank president and chief executive Antonio C. Moncupa, Jr said EastWest would gain nearly P3 billion in consolidated assets with this move as well as achieve its plan to pursue Green Bank’s successful micro finance model.

“We think that over time, it will be optimal to integrate most of the Green Bank branches into EastWest even as Green Bank continues to pursue its focus to serve Small and Micro enterprises. This is another milestone for EastWest Bank as this acquisition marks our full entry into the Small and Micro Finance arena,” he said.

Green Bank, which is focused on providing need of small and micro enterprises in rural areas, has 46 branches all over the country and they would be a great boost to EastWest’s 117 branches nationwide.

“(Through this acquisition) EastWest Bank will be able to provide this under-served segment wider access to innovative products and delivery channels,” he said.

Green Bank is the third entity that EastWest acquired after Ecology Savings Bank, Inc. in 2003 and AIG Philam Savings Bank (AIGPASB) in 2009.

Merger with AIGPASB enabled EastWest to solidify its status in consumer lending specifically in auto financing and credit card businesses.

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