The new bank president said that they were looking at a net income of P500 million this year as it had already surpassed the recovery period last year. Equitable PCIBank experienced a bank run early last year due to its perceived link with deposed President Estrada.
The bank run prompted the board to borrow a P30-billion emergency loan from the Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corp. (PDIC). The amount had since been repaid in several tranches.
"From a period of recovery last year, we are now looking at serving the full banking services this year," Buenaventura said in a press briefing Friday night. "That would include expanding our corporate loans, cash management services, investment banking, credit cards, overseas Filipino workers (OFWs) remittances, leasing, and full automation of banking services," he said.
Equitable PCIBank also aims to sell several branches of its subsidiary banks, the Mindanao Development Bank (MDB) and the Ecology Bank to raise cash to meet this year’s targets. Decision on the sale of "The bank operating licenses of the two banks will be made at a later date," he added.
Buenaventura also said the bank has put on hold plans to initiate a Tier 2 capital infusion which involves raising of cash via bonds to beef up capital.
"This is the year when EPCIB can and should recapture its position of strength in the Philippine banking industry – as the bank of choice for our retail and corporate markets," he said, citing the bank’s recovery of its lost customers and funds and the payment of its emergency loan from the Bangko Sentral ng Pilipinas in record time.
EPCIB is the country’s third largest private domestic bank with total assets of P244.94 billion, net loans of P109.65 billion, total deposits of P141.18 billion, and capital of P42.24 billion. It ended 2001 with a series of accomplishments. The bank was chosen "2nd Best Performing Government Securities Eligible Dealer" in the Secondary Market from the period October 2000 to September 2001 by the Bureau of Treasury.
The bank’s Trust Banking Group, one of the top players in the trust business, likewise topped the 66th Watson Wyatt Survey on Investment Performance of Retirement Funds in the Philippines based on return on investment from among investment managers.