<article>Philippine-listed universal bank <a style="color: #000080;" href="http://eastwestbanker.com" target="_blank">EastWest Banking Corp</a> is buying out two subsidiaries of London-based bank <a style="color: #000080;" href="https://www.sc.com/en/" target="_blank">Standard Chartered Plc</a> even as both companies signed a retail business deal.</article>

Philippine-listed universal bank <a style="color: #000080;" href="http://eastwestbanker.com" target="_blank">EastWest Banking Corp</a> is buying out two subsidiaries of London-based bank <a style="color: #000080;" href="https://www.sc.com/en/" target="_blank">Standard Chartered Plc</a> even as both companies signed a retail business deal.
EastWest disclosed that its board of directors approved plans to acquire 100 per cent of the two wholly-owned subsidiaries of Standard Chartered in the Philippines, namely the Assurance Solutions Insurance Agency Inc (ASIA), and Price Solutions Philippines Inc (PSPI).
The size of the deals were not disclosed.
Both ASIA and PSPI do marketing business with clients of <a style="color: #000080;" href="http://www.standardchartered.com.ph" target="_blank">Standard Chartered Bank Philippine Branch (SCB PH)</a>. ASIA provides sales and marketing services directed exclusively to SCB PH clients, while PSPI does the same but for credit cards and personal lending products.
PSPI is a unit of Standard Chartered&#8217;s subsidiary SCMB Overseas Limited, a private limited firm based in London.
EastWest will be acquiring 9 million shares of ASIA, and over 9.2 million shares of PSPI, representing 100 per cent of both companies. The price of shares are yet to be determined.
Also read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/ph-dealbook-ictsi-unit-raises-260m-to-back-mexico-port-project-eastwest-gets-sec-approval-for-65m-life-insurance-jv-16717/" target="_blank">EastWest gets SEC approval for $65m life insurance JV</a>
<h3>Retail banking deal signed</h3>
EastWest likewise announced it entered into an agreement with SCB PH for the latter&#8217;s retail banking business in the Philippines.
Under the agreement, the credit cards, personal loans, wealth management and retail deposits of SCB in the Philippines will be migrated to EastWest.
EastWest and SCB PH will work closely in the coming months to collaborate on a range of retail banking opportunities and to provide a seamless transition for the retail banking clients and staff to EastWest.
The agreement is expected to be completed within the year, subject to regulatory approvals.
Also read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/bloomberg-standard-chartered-said-selling-4-4-billion-of-asian-assets-36958/" target="_blank">Temasek-backed Standard Chartered seeking to sell $4.4b of assets in Asia</a>
SCB PH chief executive officer Anirvan Ghosh Dastidar said the agreement with EastWest for Standard Chartered’s retail business in the Philippines is aligned with its global strategy to focus on retail markets where Standard Chartered has scale.
&#8220;Standard Chartered remains fully committed to the growth of our corporate and institutional banking business in the Philippines which is a core part of our ASEAN network,&#8221; Dastidar said. &#8220;Our agreement with EastWest will allow us to leverage on their scale and product offering to meet the retail needs of our clients. In the meantime, our retail banking clients will continue to have access to all of our existing banking services.&#8221;
Also read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/sec-approves-eastwest-banks-ph-insurance-brokerage-firm-9057/">SEC approves EastWest bank&#8217;s PH insurance brokerage firm</a>
EastWest president and CEO Antonio Moncupa Jr said the bank 
is very pleased to have been chosen by Standard Chartered Philippines as its counterparty in the agreement, noting EastWest continues to seek opportunities to grow, especially in the retail and consumer segments.
&#8220;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,&#8221; Moncupa said.
Also read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/eastwest-gets-ph-central-banks-approval-for-insurance-business-7760/">EastWest gets PH central bank&#8217;s approval for insurance business</a>
Eastwest ended year 2015 with P2 billion in net income, 3 per cent lower versus the previous year due to lower trading gains, higher credit provisions, and higher tax expense.
Total Assets stood at P232.9 billion or 24 per cent higher than end-2014. The bank reported it is starting to benefit from its expansion program. In the last three years, it put up 141 branch stores and also expanded its lending organization to deploy the expected increase in deposits from its expanding customer base.
EastWest has a total network of 433 stores and 579 ATMs nationwide.
EastWest&#8217;s last trading price increased 0.79 per cent or P0.120 to close at P15.30.
Also read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/eastwest-ageas-form-65m-insurance-jv-in-ph-7095/">EastWest, Ageas form $65m insurance JV in PH </a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/eastwest-completes-179-3m-sro-listing-eyes-expansion-investments-6198/">EastWest completes $179.3m SRO listing, eyes expansion investments</a>

Philippines' EastWest bank to acquire two StanChart firms, inks retail deal

Philippines' EastWest bank to acquire two StanChart firms, inks retail deal

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