MANILA, Philippines - China Banking Corp., a member of the SM Group of Companies, is planning to operate a total of 400 branches by 2014.
The branch network will include both the commercial bank and its thrift bank subsidiary, ChinaBank Savings.
Presently, the banks’ combined branch network stand at 269.
China Bank is one of the most profitable commercial banks in the country, reporting a return on equity (ROE) of 16.3 percent last September.
China Bank senior vice president Samuel L. Chiong explained that customer convenience will remain the key pillar of its retail strategy.
“Our expansion plans will continue for the next three years as we go full swing to reach our goal of 400 branches by 2014 to cater to our growing and geographically spreading customer base,” he said.
Complementing its aggressive branch expansion network are over 430 automated teller machines (ATM). Its other electronic banking channels include China Bank Online (mobile and Internet banking) and China Bank TellerPhone (phone banking).
This month alone, six new branches were activated — four for the commercial bank and two for the thrift bank.
By the end of the year, new commercial bank branches will open in Apalit (Pampanga), Vigan City (Ilocos), Tagaytay City (Cavite) and Caloocan-Camarin.
The two thrift bank branches that will open are located in Davao and Dagupan City, giving ChinaSavings Bank a total of 16 branches going into 2011.
“Within the first quarter of 2011, ChinaBank Savings will also be launching its Internet banking facility,” the bank executive said.
China Bank reported a P3.75-billion consolidated net income in nine months this year, or a 17-percent expansion from the P3.21-billion income recorded in the same period last year.
That translates to a 16.13-percent return on equity and a 2.13-percent return on assets – still among the highest in the industry.
Total resources stood at P236.39 billion, up 10.3 percent year-on-year.