Bank of Makati adds 40 branch-lite units

The Philippine Star - - BUSINESS - By LAWRENCE AG­CAOILI

Bank of Makati Inc. is fur­ther ex­pand­ing its foot­print na­tion­wide with the open­ing of 40 branch-lite units.

Luis Chua, pres­i­dent of Bank of Makati, said the con­tin­ued ex­pan­sion of its branch net­work is in­te­gral to the bank’s goal of en­abling Filipino savers and sup­port­ing their en­tre­pre­neur­ial en­deav­ors.

“With our planned branch­lite units, we look to pro­vide the un­banked and the un­der­served ac­cess to bank­ing ser­vices tai­lored to their needs,” Chua said.

The coun­try’s eighth largest thrift bank in terms of as­sets cur­rently has 62 reg­u­lar branches sup­ported by 703 out­lets of Mo­tor­trade that serves as a col­lec­tion agent.

The Ong­tenco fam­ily owns both the bank and Mo­tor­trade.

Bank of Makati is seek­ing the green light from the Bangko Sen­tral ng Pilip­inas (BSP) to es­tab­lish 26 branch-lite units across Metro Manila, Cagayan Val­ley, Cen­tral Lu­zon, Cal­abar­zon, Mi­maropa and Bi­col Re­gion.

The bank in­tends to open seven branch-lite units in the Visayas in­clud­ing one in Ak­lan, Ne­gros, Ne­gros Oc­ci­den­tal, Cebu, Bo­hol and Sa­mar.

It is also look­ing at seven more sites in Min­danao in­clud­ing Zam­boanga, Ili­gan City, Davao Del Sur, Davao Del Norte and Agu­san Del Sur.

A branch-lite unit al­lows banks to ex­pand in more lo­ca­tions, es­pe­cially in un­banked and un­der­served ar­eas, with lower cap­i­tal re­quire­ments. It per­forms lim­ited bank­ing ac­tiv­i­ties and records its trans­ac­tions in the books of the head of­fice or the branch to which it is an­nexed.

Pend­ing the ap­proval by the BSP, the pro­posed branch-lite units of the bank will be able to take ac­count open­ing doc­u­ments and fa­cil­i­tate ac­count ac­ti­va­tion, ac­cept loan ap­pli­ca­tions and con­duct pre­lim­i­nary credit eval­u­a­tion and re­ceive or pay out funds in con­nec­tion with au­tho­rized re­mit­tance trans­ac­tions, among oth­ers.

The bank is gear­ing up to be­come the pre­ferred bank of mi­cro, small and medium en­ter­prises (MSMEs), which com­prise over 99 per­cent of busi­ness es­tab­lish­ments na­tion­wide and serve as the coun­try’s pri­mary en­gine for job gen­er­a­tion.

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.