One Network Bank set up by end 2003

Three of the country’s top microfinance institutions (MFIs), the Network Rural Bank (NRB), Rural Bank of Panabo (RBP) and Provident Rural Bank (PRB), are consolidating to form One Network Rural Bank, a consolidated countryside bank that intends to bring its own brand of professional, personalized service to Mindanao communities.

With NRB, RBP and PRB occupying the second, fourth and eighth slots, respectively, in terms of net income last year, this move is intended to maximize existing strengths and provide opportunities for strategic expansion across Mindanao.

The most immediate benefactors will be the consolidating banks’ client base through increased bank stability, wider availability of branches and improved customer service and support systems. New clients can expect commercial bank quality service with a countryside bank’s personal touch.

This consolidation is in line with the Bangko Sentral ng Pilipinas’ drive to streamline and strengthen the banking sector by encouraging mergers and consolidations among financial institutions.

The formation of One Network Bank is already underway with approval of the consolidation from the Philippine Deposit Insurance Co. (PDIC) dated last July 18, 2003.

According to the consolidation plan, One Network Rural Bank will be fully consolidated before the end of 2003 and Mindanao rural folk and can enjoy the benefits of a larger and stronger banking institution with the same homegrown, friendly service.