MANILA, Philippines - China Banking Corp. is planning to open 50 new branches in 2015, to bring its total branch network to 520.
According to China Bank senior vice president Alexander C. Escucha, the 50 additional branches is partly driven by the acquisition early this year of Planters Development Bank (Plantersbank), which allowed 65 branch licenses in restricted areas in Metro Manila.
The new branch licenses was granted by the Bangko Sentral ng Pilipinas (BSP) as incentives given to acquiring banks of troubled banks.
“China Bank is targeting to open half of the 65 as part of the planned 50 new branches next year,” Escucha said.
The commercial bank will end 2014 with a combined 470 branches nationwide, or 314 for China Bank and 156 for subsidiaries China Bank Savings (CBS) and Plantersbank (78 branches each).
The 78 branches of Plantersbank will eventually be fused next year into the branch network of CBS, as both are servicing the same retail market.
Escucha said China Bank will be opening seven more new branches by the end of this month.
China Bank Tarlac-Paniqui branch has in fact started operations last Dec.17 in Poblacion, Paniqui, followed by Bulacan-Balagtas branch in Brgy. San Juan, Balagtas and Batangas-Rosario branch in Gualberto Avenue, Rosario last Dec. 22.
On Monday, Dec. 29, the final four branches slated for the year will start serving clients.
These are: China Bank Kalookan-8th Ave. branch at 279 Rizal Avenue corner 8th Avenue in Grace Park; Zamboanga-San Jose Gusu branch at Yubenco Star Mall in San Jose Gusu; Davao-Mac Arthur Highway branch at Lapeña Commercial bldg. in Matina; and Negros Occidental-Kabankalan Branch in Brgy. 1, Kabankalan.