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East West Bank completes acquisition of AIG units

03/16/2009

East West Banking Corp. (EastWest Bank) has completed its acquisition of all of the shares of AIG PhilAm Savings Bank Inc. (PASB), PhilAm Auto Finance & Leasing Inc. and PFL Holdings Inc. The acquisition closure follows the conditional approval granted by the Monetary Board last Feb. 26, the bank said in a press statement.

EastWest Bank chairman Jonathan Gotianun said the b bank is moving ahead of schedule on the new acquisitions. “Completion of the acquisition takes us another step closer to the merger of the two institutions,” he said.

Gotianun said when the merger of the two institutions takes effect which is expected to be in a few months time, synergies will definitely arise which will result to improved service levels.The combined distribution network of EastWest Bank and PASB coupled with a wider range of product offerings will benefit both banks’ customers.

“In due time after the merger, auto and personal loan borrowers and credit cardholders will be able to apply and make payments at any EastWest Bank or PASB branch. EastWest Bank branches will start accepting payments from borrowers of the Cash Facility. Likewise, depositors will be able to deposit in any of the two banks’ branches after conversion of PASB branches into EastWest Bank branches,” he said.

In keeping with the bank’s commitment to excellent service, EastWest Bank president Tony Moncupa added that EastWest Bank will soon correspond with PASB’s customers,business partners, merchants, dealers and service providers.