Image by randz via FlickrGotianun-led East West Bank seeks to scale up its auto-lending business by offering attractive gas freebies as part of its goal of hitting P100 billion in total bank resources this year.
In a briefing Friday, East West Bank president Antonio Moncupa Jr. unveiled a car-financing program that offers up to P50,000 in free gas for clients availing themselves of auto loans with a size of more than P2 million. The offering is seen very timely and attractive given the upswing in global fuel prices.
The bank’s auto loan package carries a fixed interest rate of between 8 and 12 percent depending on the tenor, which ranges between 36 and 40 months. “We make sure we’re very competitive,” Moncupa said, noting that with narrowing loan spreads due to stiff competition in the banking system, it was a must to expand business volume.
East West Bank has expanded its car lending business by 26.2 percent in the first semester compared with a year ago, cementing its position as the country’s sixth biggest auto loan provider.
About P8 billion of the bank’s loans was devoted to car lending, Moncupa estimated. This represented about 18 percent of the bank’s P44-billion loan portfolio as of end-June.
http://business.inquirer.net/16391/gotianun-bank-sees-assets-growing-to-p100b-this-year
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