PenBank applies for category upgrade

CEBU, Philippines – The banking arm of the RD group of companies, Peninsula Rural Bank Inc. (PenBank) has applied for conversion to a higher banking category with the Bangko Sentral ng Pilipinas (BSP).

Robert C. Cantoy, president of PenBank, said the BSP has already approved the bank’s application. PenBank is however still completing the documents needed for the bank’s conversion into a thrift bank.

“Hopefully, we will be able to complete the documentation requirement and be able to get final approval within the year,” he said on the sidelines of the inauguration of Penbank’s branch and Visayas regional center on A.S Fortuna St .

General Santos-based PenBank has six branches in Cebu. Two are located in Cebu City, two in Mandaue and one each in the cities of Lapu-Lapu and Talisay.

Once a thrift bank, PenBank will be able to offer more products and services to its clientele such as small-time lending, import-export and other IT (information technology)-related services such as bank transfers.

Cantoy said PenBank is now upgrading its IT system in preparation for its plan to partner with automated teller machine (ATM) providers and operate ATMs for the convenience of their clients.

He said that PenBank also plans to open more branches in the province, if granted approval by the BSP. This plan however will have to wait until the bank is able to get final approval and operate as a thrift bank.

Meanwhile, PenBank has been tapped by big banks such as Banco de Oro and Philippine National Bank in delivering their remittance service to their clients because of PenBank’s wide network in Mindanao, Cantoy said. (THE FREEMAN)