MANILA, Philippines — Legazpi Savings Bank (LSB), a wholly owned subsidiary of the Bank of the Philippine Islands (BPI), is targeting a double-digit annual growth over the next five years as it continues to expand its presence to bring its services closer to local communities.
In a statement, LSB said it is expanding its presence, ensuring broader accessibility to its products and services as it has already achieved a 50 percent increase in loan releases this year.
“Looking ahead, LSB aims to achieve compounded annual growth rate in the double-digits over the next five years, underscoring its dedication to sustained progress and financial inclusion,” the bank said.
LSB operates 17 branches and regular branch-lite units (BLUs) with deposit-taking operations, and 10 limited BLUs (no deposit-taking) strategically located in 18 provinces in the country.
The bank also maintains 19 ATM terminals which provide the community a convenient way to access their funds 24/7. Clients can also access LSB’s products through over 1,000 BPI and BanKo branches nationwide.
“LSB exemplifies our vision of financial inclusion, reaching out to underserved markets while complementing BPI’s broad array of financial services which now extends to teachers across the nation,” LSB president Jerome Minglana said.
“We are excited to bring LSB’s expertise and BPI’s resources together to help build a better Philippines – one family, one school, one community at a time,” he added.
Established in 1976, LSB has a rich history of serving local communities with personalized financial solutions and was acquired by Robinsons Bank in 2012. LSB officially became part of the BPI Group on Jan. 1, 2024, as a result of the merger between BPI and Robinsons Bank, with BPI as the surviving entity.
The bank previously focused on offering retail loans mostly to people in the countryside through its branch network. However, in 2021, the bank pivoted into a new strategic direction – to be a one-product institution concentrating on the automatic payroll deduction system. This new trajectory has allowed the bank to focus on providing more affordable loans to teachers across the country.
Aside from lending services, LSB said it is dedicated to fostering financial literacy and wellness among its customers.
“LSB has always been at the heart of Bicol and nearby provinces, providing accessible and affordable banking solutions to communities that once had no access to financial services. Our mission is to bridge this gap by offering financial products, such as personal loans and deposit accounts, tailored to meet the needs of Filipinos, particularly teachers,” Minglana said.
The bank said its reinforced commitment to promoting financial inclusion through innovative products and services for local communities is aligned with BPI’s ongoing initiatives to help individuals, businesses, and families in regions where they are present to achieve their financial goals, improve their financial well-being, and build sustainable future.