EastWest Bank says branch manager gone missing with money of 2 depositors

ABS-CBN News

Posted at Jan 14 2021 08:43 PM | Updated as of Jan 14 2021 09:20 PM

MANILA - EastWest Bank on Thursday said one of its bank managers has gone missing along with the money of two depositors. 

The Bangko Sentral meanwhile has said that “it is looking into reported unauthorized transactions relayed by some of the country’s lawmakers and reported by media.”

In an interview on radio, ACT CIS Party-list representative Nina Taduran said a branch of EastWest Bank had lost hundreds of millions of pesos of 2 depositors. 

In a statement, EastWest Bank admitted that one of its branch managers “has gone missing together with the deposits of her two customers with whom she had been transacting for years."

"We have been in touch with the two affected depositors. They have been informed that an internal investigation is ongoing and that we will credit back to their account the amount taken," the bank said.

"EastWest will always stand by its commitment to protect depositors’ and customers’ money. The issue is limited to one branch but nonetheless we shall put in place additional system-wide safeguards to make sure this isolated incident does not happen again," the company added. 

EastWest Bank did not reveal the amount of money missing citing confidentiality, but said it was “not significant especially as the bank has been among the Top 3 most profitable banks in the country in the past four years."

The BSP meanwhile said it is probing financial consumer complaints as well as the actions by the involved institutions.

The central bank also said “the domestic banking system adheres to robust and globally-adherent regulations for managing risks, including operational and cybersecurity risks.”

“The BSP continues to ensure the safety and integrity of the financial system through the strict implementation of banking regulations,” the central bank said. 

- Report from Warren de Guzman, ABS-CBN News