PBB to put up 26 new branches

MANILA, Philippines - Philippine Business Bank (PBB) is planning to put up 26 new business units throughout the country in 2014 to increase its banking infrastructure in the restricted and non-restricted areas.

In a statement, PBB said it has already identified sites for the new branches: five in Metro Manila, 10 in Luzon, five in the Visayas and six in Mindanao.

The expansion is consistent with its aim to offer a comprehensive range of products and services in major cities and provinces around the country.

As of Nov. 15, the number of PBB branches stood at 94.

“This expansion strategy will continue given the approval of BSP to grant us the sought licenses,” Rolando R. Avante, PBB president and CEO said.

The bank’s net profit in the third quarter went up 60.71 percent, from P624 million to P1.00288 billion in the same period last year.

Total net loan level at end-September stood at P28.2 billion, up by almost 35 percent. This resulted to an increase of P358 million in interest income. Business activity in the SME market accounted for the good asset growth.

“Our immediate vision is to strike the right balance between continuity and change. We visualize PBB to be the lender of choice of the SMEs in the banking industry that builds a strong and secure economic bridge between the demands of our present societies and aspirations of our future generations,” Avante said.

Avante said they would continue with their role of serving a niche in the domestic market.

“PBB has helped sustained the local economies by providing the SMEs tailor-made banking facilities in the different industries like agriculture, handicrafts, transportation and tourism,”he said.

This is part of the plan to continually reach out and service the SME market. The strong economic growth of the country has seen business increasing in the outlying cities as well.