EastWest Bank Boosts Up Auto Loans

Seeing Cebu as one of its top growth markets in auto loans, EastWest bank sets to increase its business in the provinces through its close to 400 stores that serve as one-stop-shops where customers can avail themselves a car loan and a complete line of deposit, loan and investment products.

EastWest bank has reported that for the first half of 2014 its auto loans already grew by 38 percent over December 2013.

“The bank is now ranked number 4 in the auto financing industry. We have grown at an average of 45 percent in the last 4 years. To date, our auto loans business here in Cebu comprises 11 percent of our total auto loans portfolio. We are thankful to our dealer partners for their support to our business,” said Jacqueline S. Fernandez, Head of Consumer lending Cluster of Eastwest bank.

Industry data affirm the growing market for auto loans as the Chamber of Automotive Manufacturers Association of the Philippines, Inc. (CAMPI) forecast vehicle sales at 250,000 units this year, up by 24 percent from 2013.

Aside from the growing demand of its market, the bank is also fortifying its relationship with its automotive dealer partners to grow its auto loan business to help more customers in fulfilling their dreams of owning a vehicle.

EastWest, which is owned by the Gotianun family who hails from Cebu, currently has 18 stores in key areas around Cebu to adequately serve the financial needs of residents and businesses. Its sister company is Filinvest Land.

Image Credit: eastwestbanker.com