August 14, 2003

BSP CIRCULAR LETTER

TO : All Banks and Non-Bank Financial Intermediaries

The Securities and Exchange Commission (SEC) approved on August 6, 2003 the merger of East West Banking Corporation (EWBC — Surviving Corporation) and Ecology Savings Bank, Inc. (ESBI — Absorbed Corporation) whereby some assets and liabilities of ESBI will be transferred to and absorbed by EWBC.

The merger took effect on August 6, 2003.

For your information and guidance.

(SGD.) ALBERTO V. REYES
Deputy Governor