Over 200 new bank branches open in Q2
Lawrence Agcaoili (The Philippine Star) - September 16, 2015 - 10:00am

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has given major banks as well as thrift, rural, and cooperative banks the green light to open more than to 200 branches nationwide in the second quarter of the year.

In a circular, the BSP approved the applications of 15 banks to open 111 new branches nationwide as well as the opening of 91 branches.

The regulator approved the application of Union Bank of the Philippines of the Aboitiz family to open 20 new branches in the cities of Taguig, Muntinlupa, Marikina, Malolos, Sto. Tomas, Tagaytay, Cebu, and Davao.

Likewise, BDO Unibank Inc. of retail and banking magnate Henry Sy also got the green light to open 13 new branches in the cities of Mandaue, Sta. Rosa, Gapan, Baguio, Dasmariñas, Muntinlupa, Zamboanga, Iloilo, and Cabanatuan as well as the provinces of San Mateo, Virac, and Bocaue.

The BSP also allowed Metropolitan Bank & Trust Co. Inc. of taipan George SK Ty to open five new branches in Mandaluyong, Makati, Ormoc, Lapu-Lapu, and Malay.

Another Sy-led bank China Banking Corp. was also allowed to open two new branhes in Botolan and Iriga City.

The BSP also allowed the country’s top government financial institutions to open new branches. The regulator gave Development Bank of the Philippines to open two new branches while Land Bank of the Philippines was allowed to open two other banking offices.

Thrift bank City Savings Bank Inc., a unit of Union Bank, was also allowed to open 40 new branches nationwide. Union Bank spent P5.73 billion to acquire City Savings Bank in 2013.

Other thrift, rural, and cooperative banks allowed to open new branches include PNB Savings Bank, UCPB Savings Bank, Agribusiness Rural Bank Inc., Cantilan Bank Inc., Card Bank Inc., Rural Bank of Mangaldan Inc., Rural Bank of Rizal (Zamboanga del Norte), and Rizal Bank Inc.,

During the second quarter, BDO opened 11 new branches followed by Metrobank with six branches, China Bank with four branches, Philippine Bank of Communications with three, Asia United Bank with three, and Union Bank with two.

Among government-run banks, Landbank opened 13 branches nationwide during the second quarter while DBP opened one new branch.

Other banks that opened new branches were East West Banking Corp., Philippine Trust Co., Robinsons Bank Corp., Security Banking Corp., 1st Valley Bank Inc., Card SME Bank Inc., City Savings Bank, First Consolidated Bank Inc., Philippine Savings Bank., Philippine Business Bank, Philippine Resources Savings Banking Corp., PNB Savings Bank, Producers Savings Bank Corp., UCPB Savings Bank, Card Bank, East West Rural Bank, One Network Bank Inc., Rural Bank of Cauayan, Rural Bank of Hindang (Leyte), Rural Bank of San Jacinto (Masbate), Rizal Bank, Summit Bank, and Towncall Rural Bank Inc.

  • Latest
  • Trending
Are you sure you want to log out?

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

or sign in with