WITH the aim of expanding its market reach amid challenging economic times, China Bank Corp. (China Bank) targets to open 30 new branches all over the country this
year.

In Cebu, the company is currently exploring three possible sites in Metro Cebu for new branches.

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“We have to evaluate the market first,” said China Bank senior vice president and deputy group head for branch banking Samuel Chiong, stressing that the three sites are still “tentative.”

He said that among China Bank’s primary requirements for expansion in a new location would be the area’s population and potential to grow.

“Every branch we put up expands our market reach. Our long-term goal is to reach out to more markets,” said China Bank executive vice president and chief operating officer Ricardo Chua.

There are 15 full-service China Bank outlets in Cebu that offer personal, business and commercial banking services.

Presently, there are 225 China Bank branches nationwide—three of which are China Bank Savings. In Metro Manila, there are 129 branches, 44 in other parts of Luzon, 30 in the Visayas and 22 in Mindanao.

China Bank first vice president Alexander Eschua said the company aims to have a total of 267 branches this year, 291 by 2010, and 301 by 2011.

“The (period) from 2006 to 2011 will be the fastest growth in the branching history of China Bank. We made a three-year plan in 2006, targeting 200 branches. In 2007, we acquired Manila Bank, giving us 75 more licenses,” he said.

China Bank, the first privately-owned commercial bank in the Philippines, started with one branch in 1920.

“We are not only expanding but we are also looking at offering more services to our customers and improving our customer service. We will also focus on Cebu because, also speaking as president of SM Prime Holdings, Inc., I know that Cebu holds a very huge potential (for business),” said Hans Sy, China Bank vice chairman.

Last week, China Bank inaugurated the two-story China Bank Cebu Business Center at the Cebu Business Park (CBP), Cebu City.

The event coincided with the bank’s 61st anniversary in Cebu.

The business center is the first phase of China Bank’s planned development in CBP. The bank will construct a 14-storey class-A tower with a gross floor area of 7,621 square meters on a lot adjacent to the business center.