What it does: Offers a variety of banking services and products that includes credit cards, loan and trade finance, deposit-taking, cash management, trust services, and custodial services. The corporation focuses on consumer and corporate clients.
Best known for: As of 2019, it is the fifth-largest credit card issuer, the tenth-largest privately-owned domestic bank in terms of assets, and the fourth largest provider of auto loans in the country.
Staff stats: 6,431 as of 2018.
The good bits: The company is known for generously providing training seminars for graduates, opportunities for career growth, and fringe benefits.
The not-so-good bits: Low salary and workplace politics. Insiders often criticize the IT department for having 'bad' management and outdated technology
Hiring grads with top marks in: Any business-related course including but not limited to accounting, business management, economics, finance, and business administration. Several entry-level jobs also take in graduates from IT-related courses.
East West Banking Corporation (EastWest), established on 6 July 1994, was the first recipient of a commercial banking license after banking was liberalized by the central monetary authority in the mid-1990s. The organization's first branch was launched in Makati City on 1 August 1994.
The bank was named to reflect the company's desire to merge the warmth and hospitality of the East and the progressive-thinking and efficiency of the West. EastWest is a subsidiary of the Filinvest Development Corporation, a leading Philippine conglomerate with businesses in real estate, power generation, sugar, hospitality and tourism, as well as banking.
At the advent of the new millennium, EastWest acquired several businesses that expanded its portfolio. This included Ecology Savings Bank (2003), AIG PhilAm Savings Bank (2009), Green Bank of Caraga, Inc. (2011), and Finman Rural Bank, Inc (2013), among others. In 2013, upon Bangko Sentral ng Pilipinas' approval to operate as a universal bank, EastWest was able to offer a wider range of financial services and products.
The bank aggressively expanded nationwide and improved its systems between 2012 to 2015, becoming one of the fastest-growing banks in the Philippines. It was able to raise Php 8 billion in additional common equity tier-1 capital through a stock rights offer, improved its core banking system, and ventured into bancassurance and insurance brokerage. EastWest Insurance Brokerage, Inc., its wholly-owned subsidiary, began its operations in 2015.
EastWest set up its financial leasing subsidiary, EastWest Leasing and Finance Corp., in 2016. During this year, the bank also acquired Standard Chartered Bank Philippines' retail banking business which offers personal loans, credit cards, retail deposits, and wealth management. This acquisition made EastWest the fifth largest credit card issuer in the banking industry.
As of 2019, EastWest has the fifth largest store network in the Philippines with 447 stores (including EastWest Rural Bank), and 24/7 channels that include around 583 EastWest ATMs, EastWest Customer Service, and EastWest Online.
In 2018, EastWest's net revenues went down 0.8% from the previous year due to margin compression. The bank also attributed lower net revenues to its suspension of EastWest Rural Bank's lending program to teachers during the first half of 2018. However, because of its growing consumer loans, the bank's net interest income grew 4.3% the same year.
The recruitment process varies from role to role, but applicants may expect online examinations or on-site timed written examinations (English, math, logic, and abstract reasoning), and a series of one-on-one or panel interviews with HR representatives, department managers, and/or regional directors. Insiders often described the interview process to be 'easy' and 'straightforward'. The process may take one day to two weeks.
EastWest offers below-average basic salary, especially for graduates. Management trainees are offered Php 17,288 per month (based on 14 reports), while administrative assistants receive Php 12,490 per month (based on 4 reports). Fringe benefits may include health insurance with one free dependent, performance bonuses, 13th and 14th-month pay, annual merit increase, paid sick leave and vacation leave, life insurance, and retirement plan.
EastWest's Employee Relations Council (ERC), made up of representatives from various units and led by the ERC Chairman, promotes various programs and initiatives to keep employees engaged and collaborative.
The ERC Blueprint focuses on six-talent focused programs: myVoice encourages employee suggestions and feedback; myPlaytime provides an environment of creativity, fun, and enhanced learning; myWelfare promotes comfort, well-being, and safety in the workplace; myShare encourages employees to participate in the bank's various corporate social responsibility programs, myCareer offers opportunities for improvement and recognizes service loyalty and hard work, and myVoice encourages employee suggestions and feedback.
EastWest's Employee Relations Council mobilizes employees' participation in the bank's volunteerism activities which are centred on education, environment, and health. Volunteer forces are encouraged to assist in various charitable initiatives. The bank coordinates with the Philippine Red Cross Blood Drive, a blood donation activity, DepEd's Brigada Eskwela, an initiative that reconstructs schools, and various other non-profits.
EastWest’s industry-competitive fringe benefits and capacity to offer comprehensive training makes it an outstanding choice among the country’s universal banks. However, those who plan to stay longer than a few years need to consider that low pay and office politics may put a damper on their long-term career goals.