Frequently Asked Questions

On May 6, 2016, EastWest and Standard Chartered Bank Philippines signed an agreement wherein the credit cards, personal loans, wealth management and deposits of Standard Chartered in the Philippines will be migrated to EastWest.

1. Why did EastWest enter into an agreement with Standard Chartered Bank Philippines (SCB PH)? Why now?
EastWest entered into an agreement with SCB PH because it presented a good opportunity for EastWest to become a more significant and relevant player in the Philippine banking industry. With this agreement, EastWest attains additional scale in the consumer finance business that will enable us to further improve our value proposition to you. This will also boost EastWest’s Wealth Management business. EastWest has always been open to opportunities to grow and this came at the right time as we continue to expand our business.

2. What is the structure of the agreement?
Under the agreement, the credit cards, personal loans, wealth management and deposits of SCB in the Philippines will be migrated to EastWest. Moving forward, the Agreement also involves EW assisting SCB PH by serving the personal and transactions banking needs of its corporate customers.

3. How does SCB PH’s retail business fit into EastWest’s overall strategy?
EastWest has a strong retail focus. SCB PH’s retail banking portfolio will further boost EastWest’s fast-growing retail and consumer finance businesses, in line with our efforts to build the scale necessary to compete effectively with the bigger banks. EastWest had been successful with similar transactions such as the acquisition of AIG-PhilAm Savings Bank which fortified EastWest’s consumer banking business in 2009.

4. What synergies do you hope to achieve with this agreement?
SCB PH has operated in the Philippines for more than 143 years and is the oldest international bank in the country. Thus, first and foremost, we look forward to achieving operational synergies. By taking responsibility for the retail banking business of SCB PH, EastWest not only absorbs SCB PH’s retail banking portfolio, but also its retail banking talent pool and expertise in wealth management. SCB PH’s capabilities in the retail banking space and the skills and experience of its people were key factors in EastWest’s decision to enter into this agreement. We also hope to achieve revenue synergies as the agreement allows EastWest to offer complementary products and assist SCB PH with its corporate clients.

5. I am also an SCB PH client, what is the impact to me?
We in EW are committed to serve you and work hard to meet your expectations. We will exert every effort to make the transition as seamless as possible for you. In the meantime, while the transition is ongoing, your SCB PH account/s will continue to operate normally and remain subject to the existing terms and conditions that apply. Your savings, checking, and/or special account/s with SCB PH will continue to earn the same interest rate. You can also continue using your SCB PH checks, credit cards, and debit cards. For more details, please call SCB PH at 830-1111 (MM) or 1-800-1-888-1188 (outside MM) or visit their website.

6. What will happen if I am a cardholder of both EastWest and SCB credit cards?
Until the transition is completed, you can continue using your EastWest and SCB credit cards separately. Meanwhile, we are developing a comprehensive product integration strategy to ensure product complementation.

7. Will EastWest employees be affected? Will I be dealing with new personnel?
In general, there will be little or no impact for most EastWest employees as a result of this agreement. And don’t worry, because the EastWestbankers you have come to know and rely upon will remain the same.

8. What is the timeline for this agreement with SCB PH?
We expect the agreement to be completed before the year ends. Rest assured that we will keep you informed throughout the process. In the next few months, we will be working closely with SCB PH in obtaining regulatory approval and developing the plans to ensure a seamless transition.

9. Will my transactions be affected during the transition?
No, as it will be business as usual at EastWest throughout the transition. We will ensure that the migration activities will not disrupt our services or cause you any inconvenience.

10. How confident is EastWest that the transition will go smoothly?
We are confident that this transition will be smooth. EastWest has had prior acquisition and business integration experience in the last few years. EastWest and SCB PH have the same Credit Cards and Trust IT system suppliers. More importantly, both EastWest and SCB PH are committed to make every effort to ensure a seamless transition.

11. Where can I get more information and updates?

Customer Service hotline
Metro Manila: 888-1700
Domestic toll-free: 1-800-1888-8600