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Tuesday, June 20, 2006
Int’l finance firm opens bank due to RP growth
General Electric’s (GE) finance arm considers the Philippines a “good place” to be at the moment, a company official said.
This belief is the reason General Electric (GE) Consumer Finance entered the banking scene by buying all 30 Keppel Bank branches in Metro Manila and Metro Cebu, said chief operations officer John Hickey.
“There is a significant growth in the gross domestic product (GDP) (in the Philippines) year on year. It’s (Cebu) a good place to be,” he said in a speech during the formal opening of three GE Money Bank branches in Cebu.
Acquisition
GE Consumer Finance, a unit of GE Co., completed the acquisition transaction of Keppel Bank in December last year. The Bangko Sentral ng Pilipinas’ approval of the takeover was issued only last week, signaling the start of GE Money Bank’s operations in the country.
Hickey said the company’s decision to operate in the Philippines was based on a growing GDP, good consumption of goods and the volume of remittances by overseas Filipinos.
He said GE Consumer Finance also considers Cebu to be a “very important” market.
GE Money Bank, a savings bank, branches are located on Plaridel St. in Cebu City, Keppel Building at the Cebu Business Park and in Lapu-Lapu City.
Hickey said GE plans to invest more in the banking sector but will first study the needs of the local community and find services that best suit the Filipinos.
He added that possible products that are appropriate to Filipino banking needs are Internet-based services, remittance infrastructure and automated teller machines (ATMs).
Hickey also said GE Consumer Finance will use its global expertise in catering to the needs of small and business entrepreneurs, and companies and overseas Filipino workers, among others.
Potential
GE Money Bank branch manager Ian Versoza said the company realized the strong growth potential in the country, particularly in Cebu.
He said GE Money Bank also has plans to increase its personnel in the near future.
GE Money Bank Plaridel branch manager Pomposa Dotillos said the outlet has 80 percent of the Chinese business community in the area. The branch also has several clients in the education and religious sectors, she added.
GE Money Bank bran-ches in Cebu have between 7,000 and 8,000 depositors.
GE Money Bank has branches in 50 countries including Japan, China, Korea, Taiwan, Thailand, Indonesia, Singapore, Hong Kong, India and Vietnam. (LAP)
For Bisaya stories from Cebu. Click here. (June 20, 2006 issue)
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