Friday, February 23, 2007
HSBC to open 5 savings branches in RP this year
AN international bank is planning to intensify its presence in the banking industry by opening five more savings banks this year.
“We will open branches as fast as we make business,” said Mark Watkinson, Hong Kong and Shanghai Banking Corp. (HSBC) Philippines president and chief executive officer.
According to Watkinson, HSBC plans to open five more savings banks in the Metro Manila area once the Bangko Sentral ng Pilipinas (BSP) approves the new branches.
“We still have to evaluate whether we will open the savings bank through acquisition or by purchase,” said HSBC Philippines senior vice president and head of personal financial services Martin Cook.
HSBC had used a license from BSP to open seven main branches in the country after opening a branch in Davao last December. HSBC recently established its second branch in Cebu that will formally open on March 2, Cook said.
The Davao branch is HSBC’s first venture in Mindanao. The bank’s five main branches are located in Binondo, Makati, Ortigas, Quezon City and Cebu Business Park.
Cebu branch
Late last month, HSBC held the soft opening of its second branch in Cebu, located in Banilad, Cebu City. HSBC opened a second branch here to serve a growing number of account holders and credit card customers.
“The establishment of a second branch in Cebu is part of our continuous efforts to bring Cebu the benefits of our combined global expertise and local experience,” said Watkinson in a statement.
“This strategic move will allow a greater number of Cebuanos access to world class banking and serve their increasingly sophisticated financial needs,” he added.
Apart from a 24-hour banking facility, the new branch will feature HSBC’s Premier Center, which provides personalized total wealth management service by the bank’s “relationship managers.”
HSBC, one of the world’s largest banking and financial service organizations, has been operating in the country for over 130 years. It has a total of 23 branches in the country, including 16 branches of HSBC Savings Bank Philippines Inc., which were acquired from PCI Bank in 2000.
It has over 95,000 offices in 76 countries worldwide.(MMM)
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