By Paul Anthony A. Isla, BusinessMirror | 01/11/2013 8:09 AM
MANILA, Philippines - East West Banking Corp. is looking to expand its network of branches this year and beyond in a bid to reach more customers, bank President Antonio C. Moncupa Jr. said on Thursday.
“By the end of the year, we expect to surpass the 300 mark. And we will continuously expand our branch [network] to reach the 350 target in 2014,” Moncupa said.
The expansion is a key component of EastWest’s efforts to serve their customers better by making banking more accessible, convenient and efficient.
In 2012, the bank doubled its branches to 245 from 122 the year before.
Moncupa’s prediction came after EastWest was included among 284 companies on the list of MSCI’s Global Small Cap Indices.
In a statement, the bank said its inclusion was based on its rapid expansion and business growth.
MSCI Inc. is a leading provider of investment-decision support tools worldwide, including indices, portfolio risk and performance analytics and corporate governance services.
The MSCI Small Cap Index is designed to measure the equity performance of small cap stocks in developed and emerging markets.
MSCI ranked EastWest No. 17 in terms of assets and deposits and No. 15 in terms total loans out of 37 commercial and universal banks in the country.
Moncupa expressed pleasure over the bank’s inclusion on the list.
“We take it that our track record of growth and profitability in the last few years and our initiatives to speed up growth moving forward is gaining good traction,” the EastWest chief said.
The bank would continue efforts to serve customers better, provide opportunities to people and give shareholders reasonable returns, he added.