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Monday, October 10, 2005
Bank serving SMEs, low earners report growth
THE “phenomenal growth” of the banking arm of the Metro Gaisano group of companies in just three years proves banks can serve small-time earners and still survive.
The Wealth Development Bank (Wealthbank) caters to the needs of small and medium enterprises (SMEs) and people from the low to middle-income strata.
“Despite economic slowdown, the Wealthbank has continued to achieve phenomenal growth both in deposits and loans portfolio,” Wealthbank president Sabiniano Villamor said.
He said the bank’s loans portfolio, as of June this year, has grown 113.46 percent from a year ago. Its deposits and assets also increased 113.27 percent and 112.19 percent respectively, in the same period.
Wealthbank’s income also soared 176.65 percent as of June this year from June 2004.
Wealthbank, which Vicsal Development Corp. (VDC) bought from the Duranos in 2003, is celebrating today its third anniversary of operation under the management and control of VDC, the owner and operator of the Metro Gaisano chain of department stores and supermarkets.
Equity
The Development Bank of the Philippines and the Land Bank of the Philippines also have equity participation in Wealthbank.
Villamor said Wealthbank’s strong commitment to “prompt and speedy response” to financial needs specifically appealed to the SMEs sector, the bank’s core clientele.
Wealthbank’s clients include subcontractors of exporting companies and small to medium traders.
“The bank also adheres to good corporate governance and the guiding principles of competence and conservatism. For this end, it has assembled a team of excellent veteran bankers and has invested in modern information technology to achieve seamless servicing to its clients,” Villamor said.
Wealthbank has three branches in Cebu City located on F. Ramos st., in Carbon and in the Cebu Business Park. It also has branches in Mandaue City, Tagbilaran City in Bohol, and Cagayan de Oro City in Misamis Oriental. (JBN)
(October 10, 2005 issue)
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