EASTWEST Bank said its priority banking business was continuing to rapidly expand, driven by growing demand among affluent Filipinos for diversified investment options and personalized wealth management services.
“I think the growth has been very significant over the past few years. And I think what we will do is we will continue with that pace and momentum,” EastWest CEO Jerry Ngo told reporters late on Monday.
He said the bank’s priority banking client base had increased since the segment was acquired from Standard Chartered Bank in 2015, growing from about 2,000 clients at inception to more than 10,000 today.
He added that the enhanced EastWest Priority Banking program offered a more seamless and comprehensive banking experience for high-net-worth clients.
Members gain access to personalized wealth and investment solutions, including bonds, UITFs, stocks, specialized investment products, gold-related investments, insurance and portfolio management guidance.
The bank also expanded its physical footprint from just two or three centers to around 12 to 13 nationwide, with plans to scale up to as many as 20 priority centers in the coming years.
EastWest Senior Executive Vice President Rafael Algarra Jr. said they expected the growth to continue despite market volatility.
“Despite the challenges we have this year because of all the uncertainty, as we've pointed out, we believe that the system we put together and the roadmap that we have will be resilient against the current environment,” he said.
The bank’s clients are supported by relationship managers, trained by the Singapore Management University, who provide long-term financial advice and help connect them with the right banking and investment opportunities.
Ngo said clients were now responding to ongoing macroeconomic uncertainty by broadening their investment exposure beyond traditional asset classes.
“What we see is further diversification. Clients are increasingly exploring gold, real estate, foreign investments and other alternative assets as hedges against volatility.”
Ngo said the bank was ramping up provisions and tightening risk management measures in preparation for potential asset quality pressures amid market volatility.
“What we need to do, and I think that goes with everyone, is to be a bit more risk conscious at this age and time.”
Provisioning buffers and internal risk controls were said to have been strengthened to ensure resilience against potential asset quality pressures, particularly as higher interest rates over the past years continue to filter through the financial system.
“We have constantly been looking at ramping up provisions to make sure that we are able to hurdle through the cycles. Luckily, we actually saw things much earlier,” Ngo said.
EastWest’s share price was unchanged at P12.24 apiece on Tuesday.
