Provide your email for confirmation

Tell us a bit about yourself

country *
province *

why we ask about location

Please provide your email address

Login

To share your thoughts

Don't have an account?

Login with email

Check your inbox

We just sent a link to your inbox. Click the link to continue signing in. Can’t find it? Check your spam & junk mail.

Didn't get a link?

Sign up

Ready to get started

Already have an account?

Sign up with email

By signing up you agree to Rappler’s Terms and Conditions and Privacy

Check your inbox

We just sent a link to your inbox. Click the link to continue registering. Can’t find it? Check your spam & junk mail.

Didn't get a link?

Join Rappler+

How often would you like to pay?

Monthly Subscription

Your payment was interrupted

Exiting the registration flow at this point will mean you will loose your progress

Your payment didn’t go through

Exiting the registration flow at this point will mean you will loose your progress

EastWest Bank investigates millions worth of missing deposits

EastWest Bank is probing complaints of two longtime depositors who lost millions in their bank accounts. The female branch manager in question and her family have also gone missing.

The Gotianun-led bank said on Thursday, January 14, that it is in touch with the affected depositors.

"They have been informed that an internal investigation is ongoing and that we will credit back to their account the amount taken. EastWest will always stand by its commitment to protect depositors' and customers' money," EastWest Bank said.

The bank did not specify how much was lost, but said the amount is "not significant" compared to the bank's total earnings and assets.

It also did not disclose details about the branch manager whose whereabouts are now unknown.

The incident is limited to one branch.

EastWest Bank added that it placed "additional system-wide safeguards to make sure this isolated incident does not happen again."

Up to P270 million?

According to a DZRH report last Monday, January 11, a businessman supposedly lost as much as P270 million.

ACT-CIS Representative Niña Taduran said the businessman, who was not identified, found out that he incrementally lost money in November 2020.

"Nakakapagtaka na meron naman tayong anti-money laundering law…. 'Di ba dapat 'pag mga P5-million withdrawals na, magtataka ka, medyo red flag na sa kanila. Bakit ito nakalusot?" Taduran asked.

(I find it odd because we have the anti-money laundering law. Withdrawals amounting to P5 million should already be a red flag. Why did they push through?)

EastWest Bank expects to earn P7 billion in 2020 despite the coronavirus pandemic. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.

image