Wealthbank plans to open 5 more branches this year

Gaisano Group's banking arm, Wealth Development Bank (Wealthbank) beefs up its organizational platform as it plans to open five more branches within this year.

The bank is still waiting the approval of the Bangko Sentral Ng Pilipinas (BSP) for its branch expansion move, the bank's statement said.

The BSP recently announced that it allows banks to open more branches on selected areas in the Philippines.

These five branches will be located in Davao, Cagayan de Oro, Iloilo, and Metro Cebu.

Focusing on its niche market, the bank continues to build its deposit base, which is generated from small and medium sized clients.

The bank has sustained 40 percent growth in its deposit base last year.

Wealthbank's consumer lending division is boosted by its loan portfolio consisting of used car loans, housing loans and salary loans at competitive interest rates.

Other products and services such as acceptance of MCWD (Metro Cebu Water District) bills payments, Western Union foreign exchange remittances, armored car deposit pick up and over the counter foreign currency trading have likewise contributed to the bank's profitability.

Early this year, Wealthbank expanded its business reach in Metro Manila to primarily cater to its expanding sister-company Metro Gaisano.

Upon the opening of Metro Gaisano, as the anchor store of another Ayala-developed shopping mall Market!Market!, located in Global City, Taguig, Wealthbank also took its brave move to open in a bigger city like Metro Manila.

Both Metro Gaisano and Wealthbank are operated by Vicsal Development Corporation (VDC), which is also into residential and commercial developments.

Metro Gaisano group, operated by Vicsal, led by Jack and Eduard Gaisano with sister Margaret, is the most aggressive, as it so far the only Gaisano-led business that was able to conquer the Luzon market with the opening of its Legaspi City branch.

Vicsal also diversified its business to residential and industrial developments, banking, among others.

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