EastWest remains a minor player despite purchase — ATR KimEng

The Gotianun-led bank last week won the bid for AIG’s Philam Savings Bank and two other related businesses — Philam Auto Finance and shell company PFL Holdings Inc. — creating a bank that now has combined assets of P63 billion.

ATR KimEng Securities Inc., however, said the deal will not allow EastWest to pull ahead in a race for the largest assets.

The local banking sector remains dominated by Banco de Oro Unibank Inc., Metropolitan Trust & Co. (Metrobank) and Bank of the Philippine Islands (BPI), which collectively corner 40% of the industry’s resources as of the end of the third quarter last year, it said.

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