Philippines’ East West Banking has agreed to acquire the retail banking business of Standard Chartered Bank Philippines.
Standard Chartered Bank Philippines’ credit cards, personal loans, wealth management and retail deposits will be transferred to EastWest under the terms of the deal.
The deal is expected to close within this year, subject to regulatory approvals.
EastWest Bank president and CEO Antonio Moncupa Jr. said: "We are very pleased to have been chosen by Standard Chartered Philippines as its counterparty in this agreement. We expect this agreement to be value accretive as we further enhance our retail and consumer banking scale. We look forward to future opportunities to assist Standard Chartered in serving the retail banking needs of its corporate and institutional clients."
Additionally, East West Banking has also agreed to take over two wholly-owned subsidiaries of Standard Chartered for an undisclosed amount.
The Filipino lender will acquire 100% of Assurance Solutions Insurance Agency (ASIA), and Price Solutions Philippines (PSPI).
ASIA offers sales and marketing services exclusively to bancassurance customers of Standard Chartered in the Philippines, while PSPI sells and markets credit cards and personal lending products to Standard Chartered Bank customers in Philippines.