CHINA Bank is converting 20 out of 26 branches Manila Bank, including two in Cebu, following the former bank’s P1.67-billion acquisition of the latter.
Sixteen of the converted Manila Bank branches are in Metro Manila, China Bank said in a disclosure to the Philippine Stock Exchange. The conversion of these branches began from Dec. 8, 2007 to Feb. 23 this year.
Manila Bank branches in Colon and Archbishop Reyes are scheduled to be closed on March 3. Accounts of these branches will be consolidated with China Bank branches in Magallanes and in Lahug, Cebu City.
Six Manila Bank branches in Cebu, Pangasinan, Davao, Calamba and General Santos will be closed and consolidated with existing China Bank branches in the said areas. Their licenses will be used to open new branches in Metro Manila.
While some Manila Bank branches retained their branch names, others that were near existing China Bank branches had to be renamed.
The conversion process involves putting all branches on the same China Bank operational systems and converting accounts to China Bank counterparts. (LAP)
