Filipino-owned bank to expand in Cebu City

WITH a growth of more than 100 percent in its number of depositors, a Filipino savings bank will open its new branch in the city to cater to more customers.

Malayan Bank, which is on T. Padilla St., Cebu City, plans to put up its second branch next year on either Gorordo Ave. or Escario St.

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The bank saw an increase in its number of depositors from 300 in 2009 to around 700 accounts this year.

“Our bank has shown a positive growth since last year and having been here in Cebu for only two years is already a big feat for us,” said Malayan Bank general manager Richard Bacalso.

Bacalso cited good service, good marketing strategies, good rates for time deposits and low maintaining balance for new accounts as their edge over other savings bank.

Products

Its small and medium enterprise (SME) loans and housing loans are two of its top products, added Bacalso.

SME loans will allow depositors to get financing assistance for their working capital requirements, such as acquisition of equipment, construction, expansion purposes and others, while low loan rates of their housing loan make it popular to clients.

Depositors

The bulk of their depositors are middle-class Chinese businessmen and small enterprise owners, among others.

Malayan Bank is owned by the principal shareholders of GMA Network Inc., LINQ Information Entertainment Quadrant Corp and Majalco Inc.

George Martirez, Malayan Bank president said “Malayan Bank is proud of its performance for the past year. We are confident we will continue to produce record income achievements and emerge as one of the top ten thrift banks in the country in the next two years.”

Established 15 years ago, Malayan has 15 branches nationwide, including one in Cebu and one in Iloilo catering to the Visayas market.

It plans to open another branch in Davao by the end of the year while another one will be put up in Cagayan de Oro late next year.