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East West Banking to acquire assets of StanChart's Philippines branch

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East West Banking to acquire assets of StanChart's Philippines branch

East WestBanking Corp. agreed to take over some assets of 's Philippinesbranch.

East West Banking said May 6 that it agreed to take over thecredit cards, personal loans, wealth management and retail deposits of StandardChartered in the Philippines.

In addition, the Philippine lender will acquire PriceSolutions Philippines Inc. and Assurance Solutions Insurance Agency Inc., whichare both subsidiaries of Standard Chartered.

ASIA provides sales and marketing services for clients ofStandard Chartered for bancassurance products, while PSPI provides sales andmarketing services to Standard Chartered for credit cards and personal lendingproducts.

The purchase price for both subsidiaries is yet to bedetermined.

The transactions are subject to regulatory approvals.