CHINA Banking Corp. (Chinabank) is set to open its first savings bank this year to boost its consumer market.
“One of our major plans is to re-package and roll out our new Chinabank Savings Bank,” said Samuel Chiong, senior vice president of the branch banking group, in an interview last Friday at the Waterfront Cebu City Hotel and Casino.
Chinabank hosted an appreciation dinner last Friday for its clients to celebrate its 60 years of operations in Cebu.
The new savings bank, a subsidiary of China Banking Corp., is a result of the company’s acquisition of Manila Bank last year, Chiong said.
He also confirmed that the bank was already given the approval to re-launch and change the name of the acquired bank.
According to its website, the full integration of all Manila Bank branches to Chinabank’s branch network was completed last February while the two Manila Bank branches in Cebu were integrated with Chinabank-Magallanes and Chinabank-Lahug last March.
Chiong said the bank is setting up the branch distribution network for the savings bank. “It is certain that Cebu is one of the places in our minds,” he added.
He said Chinabank is also open to more acquisitions should there be opportunities available.
As part of its continuous expansion, Chinabank plans to open 30 new branches nationwide.
“We are already hitting the 200th branch level, so we’ll have 230 branches at the close of 2008,” he said.
Since Cebu is considered by the bank as the next largest market outside of Metro Manila, Chinabank will open its 14th branch at the Cebu Business Park by the third quarter of this year.
Chinabank will also continue to come up with value-added services for its clients, one of which is the wealth management forum that will also be available to Cebuano clients.
“This is an opportune time to let our Cebu clients in on a lot of invaluable information and practical approaches to managing, enriching and transferring their wealth,” said Alberto Emilio Ramos, first vice president and head of private banking, in a statement released last Friday.
During the appreciation night, Chinabank also held a mini-exhibit showcasing pictures, memorabilia, old bank equipment and documents that detail the bank’s existence in Cebu in the last 60 years. (DME)
