RCBC, RCBC Savings Bank to open more branches, ATMs
YUCHENGCO-led Rizal Commercial Banking Corp. (RCBC) and its thrift bank arm RCBC Savings Bank want to strengthen their presence in the country by putting up more branches and automated teller machines (ATMs).
In a statement released over the weekend, RCBC said that after having completed its capital raising program in the first half of the year, the banks now targets to execute its expansion plans.
Last month, CVC Capital Partners infused P4.96 billion in RCBC, the country’s fifth largest bank in asset terms. In March, International Finance Corp., the private sector investment arm of the World Bank, invested P2.1 billion in the bank.
RCBC had said its two-tranche fund-raising exercise will be used to finance the bank’s expansion plans and firm up its capital base in anticipation of Basel 3.
“RCBC plans to deploy 350 ATMs this year,” RCBC executive vice president and retail Banking Group Head Ismael R. Sandig was quoted as saying in the statement.
The ATMs will be placed in off-site locations or outside RCBC and RCBC Savings branches to enhance the convenience the bank provides to its clients. Around 150 ATMs will be added to the existing 152 ATMs of RCBC Savings and the remaining will be added to the 632 ATM units of RCBC. On its plans to widen its branch network, Mr. Sandig said, RCBC will put up 15 branches and extension offices, while RCBC Savings will open 15 branches this year.
“Our growth targets get higher every year... we will surpass our year-on-year targets as a way to serve our clients better,” Mr. Sandig said.
RCBC shares closed at P26.25 apiece last Friday, 15 centavos higher than its close the previous day. -- Ann Rozainne R. Gregorio
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CARLOS ANI - SEEDFINANCE Corporation - http://www.seedfinance.net
Email: carlosani@seedfinance.net
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