By Lawrence Agcaoili (The Philippine Star)
Updated February 29, 2012 12:00 AM Comments (0)
MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has given
the green light for the merger of three cooperative banks in Mindanao as
part of the efforts of the bank regulator to support the development of
a stronger cooperative banking sector in the country.
The BSP approved the consolidation of the First Community Cooperative
Bank of Misamis Occidental, Cooperative Bank of Davao del Sur, and
Cooperative Bank of Surigao del Sur last Feb. 16.
The three merged banks is owned and controlled by First Community
Cooperative – a primary cooperative based in Cagayan de Oro City.
The new entity would be called Consolidated Cooperative Bank and would
assume all the assets and liabilities of the three constituent
cooperative banks.
"The plan of consolidation was a collective agreement of the common
shareholders of the three banks in their desire to strengthen the
financial position and operating efficiency of their respective
cooperative banks with the intent to become a relevant player in the
socio-economic development of Mindanao," the BSP said.
Late last year, the BSP together with state-run Philippine Deposit
Insurance Corp. (PDIC) launched a coordinated incentive program known as
the Special Program for Cooperative Banks (SPCB) to support the
development of a stronger cooperative banking sector in the Philippines.
The BSP is actively promoting mergers, consolidations and acquisitions
of cooperative banks as a means to promote larger and stronger
institutions whose more solid capital position and wider branch network
would enable them to deepen their reach in the countryside.
The program would also spur lending activities in the unbanked and the
underserved areas, and eventually uplift the economic condition of the
people residing in these communities.
As part of the incentives, Consolidated Cooperative Bank would be
allowed to establish branches or offices in major cities and towns of
Mindanao.
After its launching, the program immediately lured Rabobank Group of
Netherlands and DGRV - Deutscher Genossenschafts- und Raiffeisenverband
E. V. of Germany that have expressed strong interest in venturing into
the local cooperative banking industry either through technical
assistance or financial assistance.
Data from the BSP showed that there are 40 operating cooperative banks
in the country with resources aggregating P16.4 billion as of
end-September last year.
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