StanChart moves PHL retail banking business to EastWest

East West Banking Corp. and Standard Chartered Bank Philippines have entered into an agreement covering StanChart's retail business in the country.

The deal is for StanChart to migrate its credit cards, personal loans, wealth management, and retail deposits in the Philippines under EastWest.

The agreement is aligned with StanChart's global strategy to focus on retail markets where it has scale, EastWest said in a statement released through the Philippine Stock Exchange on Friday.

"Our agreement with EastWest will allow us to leverage on their scale and product offering to meet the retail needs of our clients," said Anirvan Ghosh Dastidar, StanChart Philippines chief executive officer.

Dastidar emphasized that StanChart is fully committed to growing its corporate and institutional banking business in the Philippines," which is a core part of our ASEAN network."

Despite the migration of its retail banking business to EastWest, StanChart noted its retail clients will continue to have access to all its existing banking services.

"We expect this agreement to be value accretive as we further enhance our retail and consumer banking scale," said Antonio Moncupa Jr., EastWest president and CEO.

The agreement is subject to regulatory approval, and EastWest and StanChart expect it to be completed within the year. – VDS, GMA News