BMI to launch 40 ‘lite’ offices

BANK of Makati (BMI) is targeting to put up 40

year. But please note that branch lite is not like the ordinary branch—these are smaller branches which could be more economical and cost effective. That is what we will pursue,” BMI President Luis Chua told reporters following the company’s red-ribbon cutting ceremony for its new headquarters in Makati City.

help the group expand its consumer base nationwide, particularly the micro, small, and medium enterprises (MSMEs), given the large population across all business sectors of this segment.

“What I can say is the opportunity is so big right now. We have about 99 percent of the industry and the population is in that sector. And that’s our niche market ever since,” he said.

The Bangko Sentral ng Pilipinas opened to banks the right to build ‘branch lite’ units aimed at addressing the lack of banking presence in the country. - tion, allowing it to offer products and services suited to the needs of their market.

“[T]hat’s an opportunity small banks can now avail. Obviously we’re not as big as other banks in terms of network,” he added.

Chua noted BMI currently has 62 branches across sales network Motortrade. The motorcycle dealership and BMI are both owned by the Ongtenco family.

“But these branches are in key cities. We want to cater more on the rural side and those are underserved areas, and even the unbanked. But we are focusing more on the underserved because these are already people who have savings, banks services,” he said.

Aside from this plan, BMI is heading to modernizing its system in order to upgrade its capacity. “[W]e’re expanding [our upgrade to] our branches, primarily. We started with some key cities before, and for this year we are planning to roll it out to all our branches.

“This year we are focusing on the technology aspect of banking. I think all banks are now focusing trend,” he added.