Friday, August 03, 2007 Aspac Bank opens three new branches
ON Aug. 4, a pillar of the local banking industry will unveil its three new offices.
“Central Bank recently granted (us) authority to open additional branches because of (our) sound financial condition,” said Atty. Augusto W. Go, Aspac Rural Bank, Inc. chairman of the board and president.
With this, the bank is slated to simultaneously launch her new outlets in Metro Cebu. Within one day these new banking offices will be blessed and inaugurated: the Banilad Branch at the UC Banilad, the Carbon Branch in Freedom Park, and another at the company owned structure in Natalio Bacalso Avenue. The latter, which is situated across Elizabeth Mall, houses the branch previously located in the shopping center’s west wing.
To date, the bank now has 13 branches in Cebu, 11 of which stand on company owned land and building.
The bank’s other shareholders include Frederick K. Ong, Jr., Atty. Pio Y. Go, Patrick L. Go, Frederick A. Ong III, Miguel C. Tiongko and Manolo A. Lechido.
Aspac, which stands for Asia Pacific, is a financial institution primarily for the small and medium scale entrepreneurs.
Through a minimal initial deposit, anyone can avail of the bank’s easy-on-the-pocket products. With only P200 anybody can open a Savings Account, with P 1,000 a Time Deposit Account, with P3,000 a Current Checking Account, and P25,000 a Special Savings Account.
But, Aspac Rural Bank is more than an institution that helps people save and build dreams. Its services spell various advantages and convenience to students, businessmen, and people from all walks of life. Any Aspac branch can receive tuition payment for the University of Cebu, University of San Carlos, Cebu Doctors University, Cebu Institute of Technology and the College of Technological Sciences – Cebu, as well as payments from Mactan Electric Cooperative subscribers.
Aspac also receives domestic and international remittances thru Western Union. Real Estate Mortgage, Salary loan, and Chattel Mortgage can also be availed at competitive rates.
Presently, Aspac Rural Bank, Inc. has an authorized capital of P150 million, with a net worth of Php 163.13 million, while serving a number of Cebu’s prominent business personalities. As of June, 2007, its deposit liabilities total P586.05 million, and a loan portfolio of P324.19 million.
