MANILA, Philippines - Philippine Bank of Communications (PBCom) has acquired majority stake in the Laguna-based Rural Bank of Nagcarlan Inc., its disclosure to the Phiippine Stock Exchange said.
PBCom corporate information officer Jovita Larrazabal said the acquisition of the rural bank is in line with their plans to expand market reach as PBCom intends to engage and intensify its countryside lending.
The rural bank has six branches.
PBCom has been engaging in major investments in new technology, branch network and human capital as part of its transformation strategy.
“We are committed to our transformation strategy and its focused execution. It’s been a good year and we’ve gained the confidence to continue to pursue the bank’s five-year ambition,†PBCom president and CEO Nina D. Aguas said.
She said for the past months, there has been a build-up of key senior managers, a change in the bank’s branding and logo, now represented by a dragon, and an introduction of a new branch look and feel to reflect the bank’s thrust towards next-level banking.
In 2013, PBCom posted net income of P1.63 billion, up 68 percent from P968 million in 2012.
Earnings were boosted by the increase in interest income on loans and receivables.
Total assets stood at P62.5 billion, up 37 percent from P45.8 billion in 2012.
Its capital stood at P4.884 billion as of end- 2013, with a capital adequacy ratio of 16.18 percent, well above the central bank’s requirement of 10 percent.