Equicom Savings Bank opens doors in Makati

Equicom Savings Bank has opened its head office in Makati last week to mark its formal full service operations headed by former Equitable PCIBank chairman Antonio L. Go. The new thrift bank’s vice chairman is Rene Buenaventura, the former president of Equitable PCI Bank.

“We welcome this opportunity to serve the banking and financial needs of Filipino depositors and savers through our package of diversified products and services geared to meet their particular needs,” Go said in a statement. “We are quite confident that Equicom Savings Bank can meet public expectations and make a difference in the banking industry.”

It will also be highlighted by the launch of the bank’s card business.

Since it started operations early this year, Equicom Savings Bank has been positioned as an alternative to traditional thrift banking, servicing the needs of various types and segments of depositors and clients, particularly in the small and medium enterprise sector.

Aside from the main office branch, nine other Equicom Savings Bank branches are fully operational in strategic locations in Metro Manila, such as Alabang, Cainta, Cubao, Caloocan, Legarda, and key cities in the provinces like Sta. Rosa, Calamba, Cebu and Davao.

Scheduled to open in the next few months in line with the bank’s expansion program are branches in Valenzuela in Metro Manila and in San Fernando in Pampanga.

Equicom Manila Holdings Inc., controlled by Go, acquired Anchor Savings Bank by buying the shares of the Knights of Columbus Fraternal Association of the Philippines, which were equivalent to around 78 percent of the bank’s outstanding capital stock.

Equicom Savings Bank then increased its authorized capital stock from P500 million to P1.75 billion.

Documents obtained from the Securities and Exchange Commission (SEC) showed that of the increase, P693.16 million has already been subscribed. Of the total amount subscribed, R458.78 million has been paid in cash.