Equitable PCI Bank to boost remittance group

Equitable-PCI Bank plans to enhance the retail banking activities of its remittance group as part of its effort to become a global player by next year.

Equitable-PCI Bank president and chief executive officer Wilfrido Vergara said they are trying to bring to their remittance centers the services they are offering to their local branches. "We are bringing in retail banking products and services to our remittance group," he said.

So far, he said Equitable-PCI Bank has 25 branches located outside the Philippines. "We are exploring alternative channels that would bring growth to our bank," he added.

He admitted that the remittance operation is one of the areas in the group that needs to be improved. "There is a lot of room for improvement in this area," he said.

Equitable-PCI Bank expects to finalize its integration process this year and intends to be more aggressive in the international market and/or as a regional player next year.

He said that by next year, they expect a new strategic partner, probably a major player in the regional market, to come into the bank.

The bank decided to defer a plan to sell at least 30 percent of the merged bank due to weak market conditions.

About 10 percent of the shares to be sold is owned by Equitable-PCI Bank’s investment house subsidiary. Under existing laws, the bank’s investment arm has to divest its 10 percent share in the bank by May 2001.– Donnabelle Gatdula