Friday, October 19, 2007 SM's banking arm to open 2nd branch in mall before yearend
TO signify its confidence in Cebu's banking industry, the Henry Sy-led Banco de Oro (BDO) will open another branch in the province before the year ends.
BDO branch banking group executive vice president Jaime Yu said the bank will open next month another branch inside SM City Cebu.
"(The second branch is needed) even if we have an existing branch in the mall. (This) only goes to show there is a strong market in Cebu," he said.
In an interview with Sun.Star Cebu, Yu said BDO's confidence in the local banking sector led to the opening of the bank's newest branch, located at the ground floor of an information technology building at the Cebu Business Park (CBP).
"BDO would like to expand its presence in Cebu. Cebu is still a growth area. That is why we (BDO) are establishing our presence here so that we will be a major player in the market," he said.
Yu said the BDO CBP branch, which sits on a 600-square meter property, will continue to cater to customers "from all walks of life," but especially the middle-income market.
Bank manager Philip Young Yu said another advantage of the BDO CBP branch is longer banking hours, beginning 10 a.m. to 7 p.m., Mondays to Sundays.
Jaime credited BDO's "strong foothold in Cebu" to the bank's merger this year with Equitable PCI Bank, which expanded the company's banking network.
With the merger, the bank now has approximately 700 branches nationwide, he said.
According to its website, there are 14 branches with the BDO brand in Cebu Province.
BDO, a subsidiary of SM Investments Corp., posted P3.1 billion in profits in 2006, a 23 percent jump from the P2.54 million it registered the previous year. (MMM)
