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Monday, January 23, 2006
HSBC sees prospects for expansion in Cebu
THE Hong Kong and Shanghai Banking Corp. Ltd. (HSBC) is studying expansion opportunities in Cebu, a high-ranking official said.
“We are very encouraged by the business environment in Cebu and will be looking at options to increase our presence,” said HSBC deputy chief executive officer Martin Cook in an e-mail to Sun.Star Cebu. “Our expansion strategy is to expand into areas where we can make a positive difference to the local community and return a reasonable rate on our investment.”
Growing
He said HSBC is growing in the Philippines and, as such, intends to make the necessary investments to increase its presence in the market.
“We are pursuing branch expansion and refurbishment strategies that will result in greater customer convenience and better business opportunities for us. You will see a number of our existing branches being upgraded within the year,” he said.
The 131-year-old HSBC opened its first Philippine branch in Binondo, Manila and later on established 21 branches. It opened its branch in Cebu in 1996.
The Bangko Sentral ng Pilipinas (BSP) lifted the moratorium on bank branching last December to enhance competition and accessibility of banking services in areas where there are fewer banks.
Indication
“This move by the BSP is a clear indication of its desire to provide more Filipinos access to financial products and services, which today may not be available to all,” Cook said.
Ultimately, the goal is to give people the opportunity to manage their finances within an environment that is secure, fair and convenient, he added.
“This development (lifting of moratorium) presents banks like us with an opportunity to extend our reach, especially in a progressing economy like the Philippines. We can expect both foreign and local banking institutions to come up with initiatives that take advantage of these changes,” he said. (ALC)
For Bisaya stories from Cebu. Click here. (January 23, 2006 issue)
Write letter to the editor.Click here.
Join the Sun.Star message board.Click here.
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