MANILA, June 11 (PNA) — The Bangko Sentral ng Pilipinas has approved EastWest Bank’s initial equity investment in its wholly-owned insurance brokerage, EastWest Insurance Brokerage Inc. (EWIB).
The BSP approved the EastWest’s undertaking in the insurance brokerage in a letter dated June 4.
The nonlife insurance brokerage subsidiary helps complete EastWest’s product offering as it complements its loan products and makes access to protection convenient for its corporate and retail clients.
EastWest is the country’s fastest growing universal bank today. Barely two weeks ago, it signed a joint venture agreement with Ageas Insurance International NV for the creation of a new life insurance company to be called EastWest Ageas Life.
The creation of the wholly owned nonlife insurance brokerage was one of the items approved during EastWest’s annual stockholders meeting held last April.
Among the other items approved during the stockholders’ meeting was the amendment of the bank’s articles of incorporation to increase its authorized capital stock to P40 billion from P20 billion.(PNA)