RobinsonsBank eyes letters of credit business

MANILA, Philippines – The Robinsons Savings Bank (RobinsonsBank), which is ranked among the top 10 thrift banks in terms of assets, is seeking a trade-financing license with the Bangko Sentral ng Pilipinas (BSP) to take advantage of Circular 650 dated March 9, 2009-Authority of Thrift Banks to Issue Foreign Letters of Credit (L/Cs).

That will allow the thrift bank access to domestic and international businesses of subsidiaries and affiliates of JG Summit, which has been so far been transacted through domestic and foreign commercial banks.

Robinsons Savings Bank (RobinsonsBank) has likewise maintained its aggressive posture while maintaining the strong asset quality of the bank.

According to RobinsonsBank president and chief executive officer Reynold Y. Gerongay, the thrift bank arm of the JG Summit Group continues to look for opportunities to grow.

“We are always on the look-out for opportunities available in the market - whether it be acquiring another bank or exploring new businesses,” Gerongay said.

It operates a network of 46 branches, 24 of which are strategically located in Metro Manila and 22 others are situated in the key cities of Luzon, Visayas and Mindanao. The plan for 2009 is for the branch network to hit 50 by yearend.

In fact, five branches in Galleria, Ermita-In Store, Pasig Metro East, Imus and Tagaytay operate seven banking days from Monday to Sunday from 10am to 7 pm on weekdays and up to 6pm on Saturdays and Sundays.

Meanwhile, RobinsonsBank posted a net income of P39.9 million in the first three months of 2009. Assets remained at a strong P12 billion while total capital was recorded at P1.8 billion.

Loan portfolio expanded by 28 percent to P7 billion in the same period, while deposits grew to P99.4 billion. – Ted Torres