Veterans bank to complete re-branding by next year

CEBU, Philippines - The Philippine Veterans Bank (PVB) sets to complete its P80 million re-branding program by next year in a bid to increase its retail banking business in the short term.

 PVB chairman Roberto F. De Ocampo said the strengthening competition in the banking industry prompted the bank to keep up with its counterparts to maximize the opportunities from the vibrant Philippine economy.

The former finance secretary, who was in Cebu Thursday to inaugurate the newly refurbished PVB branch in Mandaue City, said that there is a need for the bank to change its image, which is wrongly identified as a government bank that is exclusive for veterans and  senior citizens, when it fact it is a privately-owned commercial bank.

Although privately-owned, PVB has been given the privilege to accept government deposits via Republic Act 7169, as a grateful gesture to the World War 2 veterans.

Since its establishment about 24 years ago, it is the first time that the bank invested on television commercial, allocated major investment on branding and image positioning.

 About 50 percent of the 60 PVB branches are now newly renovated. Customer service training is ongoing across all branches' management and staff.

 According to Ocampo the bank targets to grow its retail banking, with special focus on attracting the government employees for consumer lending and pension loans.

PVB is more identified in its strength in corporate banking, with strong hold in the AFP (Armed Forces of the Philippines) clientele, and local government units. Today, the bank is extending its arms to cover the wide retail banking market.

PVB vice president Mike Villa-Real said that of the P40 billion deposit base of the bank, about 70 percent is government account. With its aggressive move to penetrate the lucrative retail banking business, it aims to increase its private and individual deposits and clientele-base by 50 percent.

Villa-Real said the bank sees more opportunities for growth in the retail banking, as the retail market is likewise taking advantage of the low interest rates.

PVB aims to increase its loan portfolio in housing, salary and Micro-Small and Medium Enterprise (MSMEs).

 Owned by the world war 2 veterans, the 24year-old commercial bank which has two branches in Cebu, is poised to turn around the bank's performance in short term, Ocampo added. (FREEMAN)