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May 27, 2024

EastWest Bank ramps up digital push with P2 billion investment

Gotianun-led EastWest Banking Corp. (EWB) announced a P2 billion investment over the next 3-5 years to bolster its information technology (IT) and cybersecurity infrastructure.

This move signifies a significant increase from EWB’s previous allocation of 10% of total expenses towards IT and digitalization in 2023.

“We continue to invest in technology so hopefully we will see the results (going forward). We continue to invest heavily on digital banking,” EastWest Bank CEO Jerry Ngo said in a media briefing after the bank’s virtual annual stockholders meeting.

The multi-billion peso investment is primarily aimed at strengthening EWB’s IT infrastructure and cybersecurity.

While digital deposit growth is anticipated, Ngo acknowledged the challenge for digital banks in loan origination and collection. EastWest, with its traditional banking experience, aims to leverage its expertise in these areas to differentiate itself.