One Network Bank expands in Western Visayas
DAVAO CITY -- One Network Bank, a Consunji-led rural bank based here, is
preparing to build its presence in Western Visayas by establishing three
new branches and renovating six more in Panay Island.
These are outside of the six branches it acquired through a merger with
an Iloilo City-based rural bank early this year.
The new branches, the bank said in a statement, will be located in
Pototan and Barotac Nuevo, both in Iloilo, and in San Jose de Buenavista
in Antique.
One Network Bank is also renovating the six branches it acquired through
its merger with Rural Bank of San Enrique, based in Iloilo.
In an earlier interview, One Network Bank President Alex V. Buenaventura
said the three new branches comprise the first batch out of the 10 the
bank plans to set up over the next two years. Two more will be located
in Panay while the rest of the new branches will be in Mindanao.
He said about P7 million would be invested with every new branch and
that the bank generally owns the land where the buildings are located.
The entry of One Network Bank into the Panay market, Mr. Buenaventura
said, will allow customers to experience the services only commercial
banks provide, like check-clearing and remittance operations. The bank's
142 automated teller machines are linked under Bancnet, which has about
40 bank members.
This developed as One Network Bank -- the country's largest rural bank
-- announced it recorded a net income after tax of P575 million as of
the third quarter, breaching its full-year profits of P478 million in 2012.
The bank attributed its performance to aggressive expansion, "making its
affordable deposit and loan products available to more unserved and
underserved sectors," it said on Monday.
One Network Bank has about 680,000 depositors in its 97 branches
nationwide. Its deposits ballooned to P17 billion as of September, 22%
higher than the year-ago level.
