Bilyonaryo Andrew Gotianun?s East West Banking Corp. received the green light from the Bangko Sentral ng Pilipinas (BSP) to cross sell insurance products further boosting income derived from the business.
EastWest Bank informed the Philippine Stock Exchange (PSE) that the BSP?s Monetary Board approved its request to cross sell certain individual and group insurance products of East West Ageas Life Insurance Corp. subject to regulatory conditions.
EastWest Bank infused P500 million for a 50-50 joint venture with Belgium-based Ageas Insurance International NV to establish EastWest Ageas Life.
With the approval, EastWest Bank could now sell additional insurance products to existing customers further increasing income derived from clients.
EastWest Bank and EastWest Ageas Life entered into a 20-year exclusive distribution agreement.
?Bancassurance is a vital strategy for us as it makes us a truly one-stop shop for our clients? financial and insurance needs. We are confident that the diversification of our products to include protection solutions will enhance our competitive edge, increase customer loyalty, and create greater value for our customers while expanding our revenue stream,? said EastWest Bank president and CEO Antonio Moncupa Jr.
