Eastwest to Further Grow Auto Loans

EastWest Bank has a unique business model of having the biggest proportion of its total loan portfolio in the high-margin consumer segment. It reported that for the first half of 2014 its auto loans already grew by 38 percent over Dec 2013.

Industry data affirm the growing market for auto loans. The Chamber of Automotive Manufacturers Association of the Philippines, Inc. (CAMPI) forecasts vehicle sales at 250,000 units this year, up by 24 percent from 2013, because of positive economic fundamentals and improved purchasing power of Filipinos.

The bank will continue to grow its auto loans by harnessing its omni-acquisition channels. In particular, EastWest is targeting to increase its auto loan business in the provinces through its close to 400 stores that serve as one-stop-shops where customers can avail of a complete line of deposit, loan and investment products.

Aside from taking advantage of its stores, EastWest is also fortifying its relationship with its automotive dealer partners to grow its auto loan business. The bank held an Appreciation Night last October 24 at Quest Hotel in Cebu where it recognized its top dealer partners. Exciting gadgets and overnight hotel stay were raffled off to guests. Topnotch singer Kuh Ledesma serenaded the guests with a compelling repertoire of songs.

The event was graced by EastWest’s senior executives led by EastWest President and CEO Antonio C. Moncupa, Jr. and EVP and Head of Consumer lending Cluster Jacqueline S. Fernandez together with the top officers of the bank’s 66 dealer partners.

In her welcome speech, Fernandez said, “The bank is now ranked number 4 in the auto financing industry. We have grown at an average of 45 percent in the last 4 years. To date, our auto loans business here in Cebu comprises 11 percent of our total auto loans portfolio. We are thankful to our dealer partners for their support to our business.”

“Our objective is to help more customers in fulfilling their dreams of owning a vehicle. As a result, our auto loans business has grown steadily over the last years,” added Fernandez.

Cebu is considered a center of trade and commerce, health, tourism and education in the Visayas. EastWest currently has 18 stores in key areas around Cebu to adequately serve the financial needs of residents and businesses in the province. Last June, the bank posted another milestone when it simultaneously inaugurated these stores.

EastWest is owned by the Gotianun family who hails from Cebu. Its sister company Filinvest Land, currently has 6 residential and leisure developments in the province, a testament to the strong commitment of the Gotianun family to Cebu.