The warmth of the East meets the innovation of the West in the Philippines

To gear up for the growing appetite for wealth creation of the country’s affluent, EastWest Priority was established as a separate client segment of EastWest Bank’s Wealth Management Division in November 2016 as part of the acquisition of the retail banking & wealth management portfolio of Standard Chartered Bank (Philippines).

Officially launched in 2018, it has seen steady growth with the overall portfolio or total Assets Under Management (AUM) continuing to grow year-on-year, with its current amount now more than double of what it was at the start of 2017, mainly due to the aggressive acquisition of new clients in addition to the retention of clients pre-acquisition.

It now boasts of a five-year compound annual growth rate (CAGR) in AUM of 12% and a fiveyear CAGR in net revenue of 21%—a testament to the strength of the business in retaining and engaging with its clients by continuing to deepen relationships through relevant products and services.

Based on a competitive scan as of December 2023, EastWest Priority is now the 4th largest in the local wealth management space in terms of clients and 6th in terms of AUM, with consistent aggressive growth expected moving forward. From four Priority Centers upon acquisition, the segment now has 11 key locations covering different parts of the country with a pool of 30 relationship managers.

As EastWest celebrates its 30th anniversary, highlighting its blend of the traditional warmth of the East and the forward-thinking mindset of the West, proven by a commitment to constant improvement and innovation, the Bank continues to harness EastWest Priority’s growth through several initiatives throughout 2024.

These include the re-launch of the client segment with more tailored products, increased presence by establishing more Priority Centers in key cities outside of the

National Capital Region (NCR), and the rollout of an exclusive digital platform that allows for convenient access to availed wealth management solutions.

Looking towards the future, the vision for EastWest Priority is to be the bank of choice of the affluent market across the Philippines. Aligned with this vision, EastWest Priority has mounted lifestyle and business events in key cities (Cebu, Davao, Bacolod, Pampanga, and Baguio) outside NCR to create brand awareness and promote a more sophisticated financial literacy initiative among the target market.

Although the affluent have a better grasp of handling their finances than their counterparts, the local landscape shows that a vast number has not explored other investment products outside of real estate to diversify and manage their wealth.

By reaching out to them in these key cities through a roadshow of market update fora given by a well-respected economist, the Bank was able to educate them on market movements and opportunities to leverage on for better wealth management.

Through these initiatives, EastWest Priority was able to bring wealth management closer to the affluent in other parts of the country, taking the opportunity to cater to a bigger chunk of the target market outside of NCR. EastWest Priority’s required minimum balance of P2.5M is the lowest among banks playing in the wealth management space in the Philippines, which has encouraged more of the affluent to bank with EastWest Priority sooner to build and grow their wealth.