Tuesday, October 10, 2006 Local bank increases capital
THE banking arm of the Metro Gaisano group of companies has increased its authorized capital to P500 million, 10 times more than the P50 million authorized capital requirement for thrift banks outside Metro Manila.
This move is a manifestation of Wealth Development Bank Corp.’s (Wealthbank) stability, as it celebrates its 40th year in serving the Cebuanos, the bank said in a statement.
The bank’s resources are also nearing the P1-billion mark.
Merger
Wealthbank, formerly Danao City Development Bank (DCDB), was established in 1966.
In 2001, the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission approved the acquisition of DCDB by the Metro Gaisano group and authorized its merger with the group’s financing firm, Prime Asia Lending Inc.
Foundation
“The Metro Gaisano group or Vicsal Development Corp., the majority owners of Wealthbank, together with its equity partners, Development Bank of the Philippines and the Land Bank of the Philippines, had been responsible in building a solid financial foundation of the bank,” the statement added.
Wealthbank now has six branches located in Cagayan de Oro, Tagbilaran City, Mandaue City, Carbon, F. Ramos St. and Cebu Business Park. (JBN)
