East West Bank Clarifies Report on Missing Funds

East West Bank finally filed a disclosure regarding their missing branch manager and the deposits of two of their customers. The disclosure, posted on January 18, 2021, was in response to the Business Mirror Online Edition news entitled “EastWest shares to track probe of missing funds”. The Business Mirror report was a follow up to news reports released by various media outlets on January 14, 2021.

East West Bank disclosure

Relevant portion of the Clarification of News Reports disclosure is presented here verbatim.

“This is in response to your query dated 18 January 2021 seeking clarification on news article entitled “EastWest shares to track probe of missing funds” posted in BusinessMirror (Online Edition) on January 18, 2021.”

The article reported in part that:

“The Gotianun-led bank confirmed late Thursday that “a branch manager of ours has gone missing together with the deposits of her two customers with whom she had been transacting for years.”

While EastWest did not disclose the amount due to confidentiality, the bank said it was “not significant.” However, ACT-CIS Party-list representative Niña Taduran claimed in a radio interview that an EastWest branch lost money worth hundreds of millions of pesos owned by two depositors.”

“By way of response to your query, we confirm that a branch manager of EastWest Bank has gone missing.

Furthermore, we cannot disclose the amount involved due to customer confidentiality and bank secrecy. We have been in touch with the two affected depositors and they have been informed that an internal investigation is ongoing. While the investigation is not yet completed, the subject claims is not significant in relation to the Bank’s earnings and total resources. We take this opportunity to reiterate that EastWest will always stand by its commitment to protect depositors’ and customers’ money and will promptly return any missing deposits once the amount is established.

We hope you find the foregoing in order. Thank you.”

Source: PSE Edge