BSP fully assents to East West Bank, Philam Savings merger

Gotianun-led East West Banking Corp. secured the nod of the Bangko Sentral ng Pilipinas to merge with the local thrift bank unit of the American Insurance Group (AIG) after completing the requirements, deputy governor Nestor Espenilla Jr. said. PhilAm Auto Finance and Leasing Corp. and PFL Holdings Inc. were included in the transaction. “The approval makes the task of managing all three entities easier," Espenilla said. In February, the BSP granted a conditional approval to the merger of East West Bank and Philam Savings Bank. This makes East West Bank one the country’s six biggest credit card issuer. -GMANews.TV