BSP approves new branch applications

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The Bangko Sentral ng Pilipinas (BSP) has approved the applications of branch expansions of 25 banking entities during the second quarter of 2013.

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In a circular, signed by BSP Deputy Governor Nestor Espenilla Jr., the central bank said that it has approved the application of new banking offices of six universal and commercial banks, six thrift banks, and 13 rural and cooperative banks.

“It’s continued evidence of the strength and vitality of the banking system. This will also further financial inclusion,” he added.

The circular said that the approved banking offices of universal and commercial banks were one representative office in Seoul, South Korea, 14 regular branches, and two regular other banking office of BDO Unibank Inc.; one regular branch of China Banking Corp. in Cebu City; nine regular branches of Metropolitan Bank and Trust Co.; 10 regular branches of Philippine Bank of Communications; three extension office of Rizal Commercial Banking Corp.; and 20 regular branches of Robinsons Bank Corp.

Approved banking offices of thrift banks were 18 regular branches of China Bank Savings Inc.; one regular branch of Philippine Savings Bank in Tagaytay City; 16 regular branches of Philippine Business Bank Inc.; three extension office and one regular branch of RCBC Savings Bank Inc.; six regular branches of Security Bank Savings Corp.; and one regular branch of Sun Savings Bank in Mandaue City.

The BSP circular also said that the approved banking offices of rural and cooperative banks were five regular branches of Agribusiness Rural Bank Inc.; one regular branch of Banco Laguna Inc.; two regular branches of Bangko Kabayan; one regular branch of Bank of Florida Inc.; 15 microfinance-oriented branches of Bank of Makati; one microfinance-oriented branch of Card Bank Inc.; one regular branch of Cooperative Bank of Cotabato; four regular other banking offices of Rural Bank of Gattaran (Cagayan) Inc.; one microbanking office of Rural Bank of Guinobatan Inc.; three regular other banking offices of Rural Bank of Mabitac; one regular branch of Rural Bank of Tangub City; a regular branch of Saviour Rural Bank Inc.; and a regular branch of South Bank.

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