East West now a universal bank

East West Bank obtained a license from the Bangko Sentral ng Pilipinas to upgrade its operations to universal banking from regular commercial banking. The new license gives the bank more leeway to pursue non-allied undertakings, according to a Philippine Daily Inquirer report.

Chairman Jonathan Gotianun stated that the bank may soon get into the leasing business.

Getting into the leasing business will also complement the services currently offered by bank to clients, including corporate and middle-market borrowers, Gotianun said.