EastWest Banking Corporation (EastWest) recently completed the transfer of Standard Chartered Bank’s retail business, which included retail deposits, wealth management, personal loans, and credit cards.
The completion of the retail transfer solidified EastWest’s position as the fifth-largest credit card issuer in the industry today with over a million cards-in-force, and ushered in two new premium credit card variants, the EastWest Visa Platinum Credit Card and the EastWest Priority Banking Visa Infinite Credit Card. The launch of the aforementioned products is in line with EastWest’s plan to grow the affluent segment of its Credit Card business.
“We’re excited to launch our new premium credit cards which provide a host of differentiated and superior benefits for our customers,” said EastWest EVP and Consumer Lending Cluster Head Jacqueline S. Fernandez.
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| Jacqueline S. Fernandez- EVP and Head, Consumer Lending Cluster |
With the EastWest Visa Platinum Credit Card, cardholders can earn Cash Rewards on their purchases anytime and anywhere. Meanwhile, the EastWest Priority Banking Visa Infinite Credit Card, issued only by invitation to EastWest Priority Banking clients, provides cardholders with premium lifestyle privileges wherever they are in the world, as well as perpetual waiver of annual membership fees for both principal and supplementary cardholders.
“Expanding our credit card portfolio underscores our goal of strengthening EastWest’s consumer lending business,” Fernandez added.
All EastWest Credit Cards issued are now EMV chip-enabled in compliance with the Bangko Sentral ng Pilipinas’ (BSP) mandate to adopt chip technology for better card security. EastWest was able to comply ahead of BSP’s deadline to implement the initiative.
EastWest is also currently the fifth largest in terms of store network, excluding subsidiaries, and the fourth largest in auto loans as of Q3 2016.
EastWest is one of the fastest growing universal banks and is ranked among the top 10 privately owned local banks in the Philippines. It is a subsidiary of Filinvest Development Corporation (FDC), one of the country’s largest conglomerates with a diverse range of interests from real estate, banking, sugar, hospitality/tourism to power generation.