East West Bank bags Philam Savings

EastWest BankAIG picks ‘preferred bidder’ BELEAGUERED American conglomerate AIG is finalizing a deal to sell its local consumer businesses–Philam Savings Bank and auto financing company Primus Finance and Leasing Inc.–to property magnate Andrew Gotianun’s East West Banking Corp.

AIG, which is bidding out its local crown jewel Philippine American Life and General Insurance Co. (Philamlife) and its subsidiaries, has picked East West as the “preferred bidder” for the bundled consumer lending businesses, Philamlife insiders disclosed to the Inquirer.

The sale of the bundled consumer finance units is expected to be completed ahead of the disposal of Philamlife itself. If all goes well, insiders said an agreement with East West Bank could be finalized within the next few weeks. Other sources said taipan John Gokongwei’s Robinsons Savings Bank was a close runner-up.

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