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May 30,2005
EWB MasterCard ties up with Cocoplans
Present at the launch of the EWB MasterCard and Cocoplans tie-up are Gerardo Anonas, executive vice president and head of branch, Banking Group East West Bank; Elrey Ramos, president and chief executive officer, East West Bank; Caesar Michelena, president of Cocoplans Inc.; Alex Ilagan, senior vice president and head of retail, Credit Group East West Bank.
East West Banking Corp. and Cocoplans, Inc. one of the leading institutions in the financial sector entered into a partnership that allows the two institutions to maximize their strengths and bring their products and services closer to their clients. The first part of the two-phased partnership involves bills payment and collection. Under this tie-up, Cocoplans planholders can make use of East West Bank's facilities to pay their premiums and monthly or periodic payments to the pre-need company.
According to Cocoplans President Caesar T. Michelena, this will give their planholders an option to use another bank, besides the company's other bills payment facility and collection partner.
The second part involves the issuance of credit card to qualified Cocoplans planholders. Michelena said it is a "direct strategic arrangement" in which its planholders who have already cash values in their plans can get pre-approved EWB MasterCard credit cards. This way, they are able to enjoy the card's distinct advantages like low interest charges and flexible payment schemes.
Michelena said the tie-up will allow Cocoplans to sell EWB MasterCard, in tandem with its prime products, pension and educational plans. "Clients can actually use the credit card for their initial payment," he said.
Meanwhile, the issuance of EWB MasterCard to pre-qualified Cocoplans clients is mutually beneficial to East West Bank and Cocoplans. "It works both ways, in terms of benefits, for them it gives them an added value that they can offer to their customers especially during this time when people are cautious of dealing with pre-need companies. This scheme will help reassure their planholders," East West Bank Consumer Services Head Alex Ilagan said.
He further stressed, "In our case, we look at this as a way to expand our market base also, having a set of captured Cocoplans customers who would present the card on our behalf."
Of the tie-up with East West Bank, Michelena said, "We're excited with this partnership because we are really trying to move closer to our clients and by partnering with East West Bank, we are able to use its extensive branch network and banking facilities."
He added, "This allows us to give better choices or options to our plan holders. At the same time, we could also work together in a way that we can enhance each other's client base."
Registered with the Securities and Exchange Commission (SEC) in 1993, Cocoplans is counted among the country's top ten pre-need firms. To date, its network numbered to 37 in strategic places nationwide. Cocoplans was named "Most Outstanding Pre-need Plans Provider" last year by the Consumers Union of the Philippines. This year, the Parangal ng Bayan Foundation, Inc. honored it as "Most Outstanding Pre-need Company". It recently received SEC's permission to sell P250 million worth of education and pension plan securities.
Meanwhile, East West Bank is the country's fastest growing commercial bank and now emerging as the public's "preferred consumer bank" because of its consumer-friendly products and services. East West Bank ended the 2004 with over 22 percent growth in resources at P22.6 billion topping records in the previous years. Its branch network is composed of 67 Personal Banking Centers spread across the country's key towns and cities. One of its customer-friendly innovations is the East West Bank MasterCard, which boasts of a host of features like a very low minimum amount due, longest interest-free credit period and flexible payment schemes.
For more inquiries on East West Bank MasterCard, please call EWB Customer Service Hotline 888-17 or log on to www.eastwestbanker.com
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