Groups of small banks planning to consolidate

STATE-DEPOSIT insurer Philippine Deposit Insurance Corp. (PDIC) said the two-year program that aims to strengthen the operations of rural banks in the country by encouraging them to consolidate is gaining interest from small lenders.

PDIC president Cristina Orbeta said over the weekend that eight groups of small banks have already expressed their interest to consolidate under the Consolidation Program for Rural Banks (CPRB), which has a two-year timeframe running from August 25, 2015 to August 25, 2017.