MANILA, Philippines - BDO Unibank Inc., the main banking unit of the SM Group of retail tycoon Henry Sy. Sr., is preparing for tougher competition in the banking industry in the coming years.
BDO chairperson Teresita Sy-Coson said in an interview that one of the greatest challenges of the bank is how to remain competitive.
“It will be challenging…it’s (banking industry) very competitive. Other than that we have to see how things are,†she said, when asked what to expect in 2014.
Coson said the local economy would likely be affected by several global developments which would impact on local banks’ operations.
“I think there are global factors that will be influencing (banks’ operations). These will be influencing our economic numbers, and with that, the final numbers of the banks,†she said.
To face the challenges, Coson said: “We have no choice… we have to grow. It’s going to be more challenging for us but we still have to grow.â€
BDO is now the country’s biggest bank in terms of assets. It has remained on the lookout for opportunities to acquire banks to be able to remain at the top of the industry.
Aside from its exposure in China Banking Corp., the SM Group also recently bought majority stake at Citibank Savings Bank.
BDO Unibank earned a record income of P18.2 billion in the first nine months of 2013, from P10.5 billion in the same period last year.