RETAIL mogul Henry Sy’s China Banking Corp. (China Bank) is ramping up its expansion in terms of opening more branches next year.
In a statement, China Bank said it would open a total of 66 branches next year, 40 percent
more than the actual 47 bank branches opened for the entire 2015.
The 66 branches for 2016 will consist of 50 China Bank branches and 16 of its unit, China Bank Savings (CBS).
China Bank said the 47 branches added this year included 36 China Bank branches and nine CBS outlets.
The newly added branches offer a full range of banking products and services from Monday to Friday, from 9 a.m. to 4 p.m., equipped with automated teller machines to serve customers beyond banking hours.
At present, the commercial bank is operates 517 branches nationwide—352 China Bank and 165 CBS and Planters Development Bank (Plantersbank).
In the first nine months of the year, China Bank saw net income increase by 8 percent to P3.64 billion, on track with its target to grow profits by 10 percent by end-2015.
Established in 1920, China Bank is an affiliate bank of Sy, the Philippines’ richest man. It mainly caters to the small and medium enterprises (SME) market, through subsidiaries CBS and Plantersbank.
It also offers banking services to other markets—corporate, commercial, and retail.