In its annual stockholders‚ meeting last Sept. 12, a management report said that early settlement of the second repayment under the three-year Liability Servicing Program (LSP) was completed in the second week of September. The three-year program is a major portion of the former Urban Bank Inc. (UBI) rehabilitation plan.
This is the second year where Exportbank carried out advanced settlements without tapping on the standby funds made available by the Bangko Sentral ng Pilipinas (BSP), Philippine Deposit Insurance Corp. (PDIC), and the Social Security System (SSS).
In the same gathering, the report indicated that the Philippine Stock Exchange (PSE) had lifted the suspension of trading of the bank’s shares effective Oct.1 this year.
It will be recalled that the trading of UBI shares was suspended soon after the bank closed in the year 2000. In a notice dated Oct. 24, 2002, the PSE approved the lifting of the suspension and the listing of additional shares belonging to Exportbank’s original shareholders and those involved in the 10-percent conversion to equity program as defined in the rehabilitation plan. The opening price was set at P1.22 per share, and traded under its new stock symbol EIB.
Meanwhile, Exportbank launched a new product called eB1. Designed specifically for the small and medium entrepreneurs, eB1 is a suite of expert business solutions that aim to free the chief executive from routine tasks and process complexities. The product offers services like collections, payments, check processing, fund transfers, payroll processing, cash management, and Internet product catalogs.
Part of the management report is a detailed a plan to open within the next four months 18 new branches nationwide. These new branches called "Expert Ease Centers" will be equipped to perform over-the-counter transactions such as account opening of peso current and savings accounts, dollar savings account, acceptance of cash and check deposits, withdrawal/on US check encashment, check book reorder, ATM card replacement, manager’s check/gift check issuance and foreign exchange buy transactions.
Some of the target sites are Mandaue, Mactan, Davao, San Fernando, Tarlac, Iloilo, Baguio, Calamba, Ermita, Cubao, Valenzuela, Novaliches, Loyola, Paco, Marikina, San Lorenzo, Muntinlupa, Intramuros, Port Area, Libis and Sampaloc. With this expansion, Exportbank expects to bring its total number of branches to 50 by 2004.
Exportbank’s remarkable growth in just seven years brings its total asset base to P27.711 billion with a total capital of P4.439 billion as of end August. It projects a net income of P380 million for 2003.