MANILA, Philippines - China Bank Savings Inc. plans to open at least 47 new branches this year, bringing its total branch network to 82 by end 2013.
At the end of 2012, the thrift bank arm of China Banking Corp. operated 35 branches nationwide, complemented by an equal number of automated teller machines (ATMs).
According to China Bank Savings president Alberto Emilio V. Ramos, the new branches this year will come from a combination of sources.
It will “inherit†15 branches as a result of the acquisition of Unity Bank (A Rural Bank) by parent firm China Bank.
The acquisition of Unity Bank comes with 24 new branch licenses under the SPRB Plus incentive program of the Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corp. (PDIC).
Last year, China Bank Savings also applied for, and was granted 30 branch and 10 other banking office (OBO) licenses by the BSP. Under BSP regulations, it has three years to utilize the licenses.
“By the start of 2015, China Bank Savings should be operating at least a hundred branches nationwide,†Ramos said.
That will complement the targeted 400 branches by 2014 under the wings of China Bank.
The thrift bank chief executive made it clear that the branch deployment of the two banks have been programmed to complement each other, in terms of location and banking services.
“We have defined locations, defined products, defined markets,†Ramos added.
The new branches will be a combination of full service branches, mini branches and an OBO. The difference will be in the size of bank personnel and services.
This month alone, the thrift bank opened a branch in Las Piñas, another in Laguna, and another in Filinvest, Alabang.
Majority of the branches to be opened this year will be located in Luzon, while the Visayas and Mindanao branches would be rolled out in 2014.