BSP approves 86 bank office applications
THE CENTRAL bank approved 86 applications for new banking offices in the
second quarter as banks continued to expand their presence across the
country.
The Bangko Sentral ng Pilipinas (BSP) issued Circular Letter No.
CL-2012-071 dated Oct. 5, announcing its approval of 86 bank office
applications, composed of applications for 76 regular branches, eight
"other banking" offices, and 2 extension offices.
Banks that made the applications included BDO Unibank, Inc., East West
Banking Corp., Metropolitan Bank & Trust Co., and Security Bank Corp.
Most of the applications were for bank offices located in the provinces,
except for a few, such as those filed by EastWest for branches in the
formerly restricted cities of Makati, Mandaluyong, Manila, Parañaque,
Pasay, Pasig, Quezon and San Juan.
Under the first phase of a BSP initiative lifting branching
restrictions, banks with less than 200 branches in these cities may put
up additional branches until June 30, 2014. These cities will be opened
to all banks, except rural and cooperative banks, after this date.
In the first quarter, the central bank had approved 97 applications for
new banking offices.
Circular Letter No. 071 also showed 77 new banking offices were opened
during the second quarter, bringing the total number of head and other
offices to 9,207 as of end-June.
Among those that opened new offices were Metrobank, which opened nine
branches; Security Bank with nine branches; EastWest with six branches;
and Philippine Savings Bank with five branches.
In the first half of the year, the number of bank branches rose to 8,495
from 8,176 in the same period last year even as the number of head
offices fell to 712 from 739.
BSP Deputy Governor Nestor A. Espenilla, Jr. last week said the growing
number of banking offices indicated a healthy banking system as banks
continuously reach out to the unbanked areas or those without formal
access to financial services.
Universal and commercial banks accounted for 54% of the total number of
bank offices, followed by rural and cooperative banks, then by thrift
banks. -- Kathleen A. Martin
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