Business Bank opens 1st branch in Davao

PHILIPPINE Business Bank (PBB) opened its first branch in Davao City on July 16 with a promise to offer "business solutions" to small, medium, and large businesses operating in the city.

The newest bank to open in the city is located on Gov. Sales street.

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But this early, PBB president Danilo Alcoseba said they are eyeing to open another branch in Lanang to serve their target market in the northern part of the city.

"Davao is a good place for growth, because it's big city and the opportunities in doing business are good," Alcoseba said during the launching ceremonies at the newly-opened Pinnacle Hotel and Suites on Sta. Ana Avenue.

He said PBB is hopeful to gain the Dabawenyos trust as its business partner and vowed they can expect more from PBB as a savings bank.

"Our processing time in all transactions is quick, our credit approvals are relatively short and our pricing is very competitive," Alcoseba said.

PBB was founded on February 12 1997 as a banking arm of Zest-O Group of Companies owned by a business tycoon Ambassador Alfredo Yao.

The bank has over 55 branches in all major cities across the country, offering business solutions to businesses, extending financial loans to small, medium and large businesses.

With the opening of its new branch in the city, the bank also launched new products that will make banking easier.

In a briefer, the PBB outlines products and services it offers, to wit:

* Secured Deposit Account (SDA) program, which offers free personal accident insurance benefit for depositors with a qualified current and savings account under the banks secured deposit account program. It covers a client's accidental death, dismemberment and disablement.

* Hi-Green Funds, a special dollar denominated fixed rated time deposit wherein the client enjoys interest rate earnings higher than the prevailing market rate.

* Bus and Taxi Financing Program, which has two types of process in applying for the loan:

1. Three-way Party Transaction Loan (dealer-generated loan), in which the client goes directly to the dealer, files and submits application. The dealer in turn submits the application through an account officer of the bank;

2. Two-party Transaction (Direct Loan), in which the client goes directly to the bank, fills out an application and submits the form to the bank.

* Living Asset Ventures (LAV) Fund, wherein the clients who wish to invest in living trust fund could now place their name in the Living Asset Ventures.
Alcoseba said the PBB business card is now available and accessible through Bancnet. The ATM account holder can now perform transactions such as balance inquiry and bills payment through the bancnet online website and can also make online purchases from the bancnet affiliated E-shops through the internet.