Wealthbank to open five more branches in Vismin

The financial arm of the Metro Gaisano group of companies Wealth Development Bank (Wealthbank) announced its plan to expand its network by adding five branches in the Visayas and Mindanao, as it reported sustained growth in both deposits and loans.

Wealth Development Bank (Wealthbank) president Sabiniano G. Villamor said that the bank does not discount the possibility of expanding via merger or acquisition in the future.

He said the private development bank is just awaiting the approval of the Bangko Sentral ng Pilipinas (BSP) “anytime this year” for its expansion program.

The stockholders approved the additional infusion of capital to further strengthen its capital base in anticipation of the BSP approval of their license for additional branches.

This is expected shortly on the basis of the positive feedbacks recently received from supervision and examination department III who reported to have completed the documentation. 

“Our target is to establish the five branches within six months after we get the approval,” he said. 

Selection of location will be given particular attention, as well as, the manning requirements of each new branch in order to give the best service to clients in these areas, he added.

Two of the additional branches will be located here bringing Wealthbank’s total number of branches in Metro Cebu to six. Wealthbank’s existing branches here are located at the Cebu Business Park, Ramos St., Carbon area and in Mandaue City.

Meanwhile, the other two additional branches will be established in Davao—in Matina district and Sta. Ana, the other one in Iloilo. Wealthbank also has existing branches in Cagayan de Oro and Tagbilaran, Bohol.

Villamor said expansion to Luzon, particularly in Metro Manila, is the bank’s next target to take advantage of the expanding presence of Metro Gaisano’s department stores in Luzon areas.– Ehda M. Dagooc