EastWest doubles branch network in 2012

ABS-CBN News

Posted at Jan 02 2013 11:14 AM | Updated as of Jan 02 2013 07:14 PM

MANILA, Philippines - Gotianun-led East West Banking Corp. doubled its branches to 245 last year from 122 in 2011 amid aggressive expansion efforts, the bank said in a disclosure Wednesday.

The bank opened 123 new stores in 2012 in various locations in Metro Manila, Luzon, Visayas and Mindanao.

"EastWest's commitment to its shareholders was to open new stores around the country at a rapid pace, which it has fervently pursued," the bank said.

"The bank plans to continue with its store expansion and grow its network to at least 350 by 2014." 

EastWest saw its net income grow by 12% to P1.36 billion in the nine months to September last year from the same period in 2011, buoyed by trading gains and profits from lending.