MANILA, Philippines - The Bangko Sentral ng Pilipinas approved more applications for bank branches in the fourth quarter on the back of lenders’ aggressive expansion in and out of the capital.
In its Circular Letter 2015-016, the central bank said it approved 124 applications made up of regular branches, extension offices, micro-banking offices, and other banking offices.
Banks with approved applications include China Banking Corp., East West Banking Corp., Land Bank of the Philippines, Metropolitan Bank and Trust Company, Rizal Commercial Banking Corp., and Robinsons Bank Corp.
The lenders have six months to open these branches from the date of the approval. However, they may be given another six months to do so under certain circumstances.
Last year, the BSP said local banks have been aggressively expanding their reach across the country due in part to the Association of Southeast Asian nations’ banking integration eyed before 2020.
The BSP circular also showed there were 162 bank offices that opened in the fourth quarter of last year.
Universal and commercial banks accounted for 89 of these branches, while thrift banks owned 47. Rural and cooperative banks, meanwhile, opened 26.
These new branches will add to the 9,555 banking offices recorded in end-September of last year, latest BSP data showed.
The banking industry has seen a decline in the number of head offices to 652 in end-September last year from 676 in the same period in 2013, mainly due to mergers, consolidations and the exit of weak players from the sector.