Rural bank eyes Davao for massive expansion-A A +A
Friday, December 6, 2013
MICROFINANCE-oriented rural bank Card Bank Inc. eyes massive expansion in Davao Region in the next five years.
Card Bank president and chief-operating-officer Doleres M. Torres bared in Friday’s media briefing at Paterno's FastfFood and Catering Services that they are planning to open 25 branches in the region as recommended during their five-year planning conducted in September.
At present, the bank has three branches in the region, all located in Davao City.
For 2014 alone, she said the bank is planning to establish five more branches in the city to cater to their growing number of clients and borrowers who are mostly housewives from low-income families.
"Around the first or second quarter of next year, we will be opening a branch in Malalag. We are also checking on other sites like Tagum and Malita for our expansion," she said.
The first branch opened in 2007 on Magallanes st. and now has 23,644 members and clients, the second in 2013 in Buhangin now with 3,070, and just Friday, they opened their third branch in Matina with 2,930 transitioned clients.
Lorenza DT. Banez, Card Bank executive vice president, said for a branch to be established, they need at least a P5 million to P7 million as loan portfolio.
Recently, they submitted a list of 65 more branches to Bangko Sentral ng Pilipinas that they are planning to establish throughout the Philippines.
Services offered by the bank are savings and loans for businesses, health, and education. They also have a mobile financial system, wherein clients can do their transactions through phone. It will be rolled out in Davao City in first quarter 2014.
At present, they have over one million clients nationwide served by 55 branches. They have a total of 987,098 savers and 383,615 are borrowers with an outstanding loan of P3.3 billion and savings of P3.2 billion as of October 2013. It has P1.7 billion in assets, P3.6 billion in liabilities, and P1.1 billion in equity.
In July, this year, Bangko Sentral ng Pilipinas awarded Card Bank a Hall of Fame for Financial Inclusion Champion after bagging the award in 2011, 2012, and 2013.
Published in the Sun.Star Davao newspaper on December 07, 2013.