Pro­duc­ers Bank ex­pands foot­print

The Philippine Star - - BUSINESS - By LAWRENCE AGCAOILI

Pasig-based Pro­duc­ers Sav­ings Bank Corp. con­tin­ues to ex­pand its foot­print na­tion­wide with the open­ing of two new branches in line with its goal to boost its net­work to 300 by the end of 2020.

The coun­try’s 11th largest thrift bank in terms of as­sets cur­rently has 170 branches af­ter open­ing a new branch in K-Square Build­ing along Roo­sevelt Av­enue in Que­zon City and an­other one in Daet, Ca­marines Norte.

The bank cur­rently has six branches in the Na­tional Cap­i­tal Re­gion in­clud­ing one in Valen­zuela, Caloocan and Marik­ina and two in Pasig.

It also has 15 branches in the Bi­col re­gion in­clud­ing Baao, Bu­lan, Cal­a­banga, Goa, Iriga, Legazpi, Nabua, Na­gaPan­gani­ban, Naga-Magsaysay, Polan­gui, Sor­so­gon, Tabaco, and Ti­nam­bac.

Pro­duc­ers Bank re­cently ac­quired Ru­ral Bank of Baro­tac Nuevo (Iloilo) Inc. and Ru­ral Bank of Sibalom (An­tique) Inc., bring­ing to 16 the num­ber of banks it ac­quired in line with the Bangko Sen­tral ng Pilip­inas’ call for con­sol­i­da­tion in the bank­ing in­dus­try.

The thrift bank has so far ac­quired 16 banks in­clud­ing Ru­ral Bank of Bus­tos Inc., Ru­ral Bank of Sto. Domingo (Nueva Ecija) Inc., Bangko Ru­ral ng Pasacao (Ca­marines Sur) Inc. and Bangko Ru­ral ng Ma­garao (Ca­marines Sur) Inc.

Oth­ers in­clude Ru­ral Bank of Ros­ales in Pan­gasi­nan, New Ru­ral Bank of Vic­to­rias in Ne­gors Oc­ci­den­tal, Iloilo City Devel­op­ment Bank, Ru­ral Bank of Cainta in Rizal, Ru­ral Bank of Tayabas in Que­zon, Tower Devel­op­ment Bank in Bu­la­can, Ru­ral Bank of San Fabian in Pan­gasi­nan, Ru­ral Bank of Pam­plona in Ca­marines Sur, and Ru­ral Bank of Pres. Quirino in Sul­tan Ku­darat.

An­dres Cornejo, pres­i­dent and CEO of Pro­duc­ers Bank, said the bank has been grab­bing ev­ery op­por­tu­nity to ac­quire banks via merg­ers and ac­qui­si­tions to avail it­self of in­cen­tives from the BSP and the state-run Philip­pine De­posit In­sur­ance Corp. (PDIC).

Pro­duc­ers Bank be­lieves the ac­qui­si­tions will fur­ther fast­track its branch net­work ex­pan­sion re­sult­ing in sus­tained growth in as­sets and profits. The scheme also helps the bank avail of var­i­ous in­cen­tives and reg­u­la­tory ben­e­fits from BSP such as but not lim­ited to ad­di­tional branch li­censes.

The govern­ment con­tin­ues to pro­vide in­cen­tives un­der the con­sol­i­da­tion pro­gram for ru­ral banks (CPRB) to en­cour­age merg­ers and con­sol­i­da­tions among small banks par­tic­u­larly ru­ral banks to fur­ther strengthen and en­hance the vi­a­bil­ity of the bank­ing sys­tem.

The CPRB aims to im­prove fi­nan­cial strength, en­hance vi­a­bil­ity and generate bet­ter re­turn to share­hold­ers, strengthen man­age­ment and gov­er­nance, generate syn­er­gies and economies of scale through com­mon in­fras­truc­ture, sys­tems and re­sources as well as ex­pand the mar­ket reach of ru­ral banks.

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.