Tuesday, May 13, 2008 China Bank to open more branches
CHINA Banking Corporation will be aggressively expanding in the next three years.
Celso M. Sy, Mindanao area head of China Bank, said during the opening of the 198th branch of the bank last week that they are targeting over 300 branches by 2010 throughout the country.
"We will open another 50 branches within the year," Sy said.
He added that Davao will be one of the premier cities wherein the bank will be aggressively expanding due to the steadfast inflow of investments in the city.
He said the recent P1.6 billion acquisition of China Bank of the assets of Manila Bank will further boost the capacity of China Bank.
China Bank closed the first quarter of 2008 with a net income of P703 million, 7% lower than the net income of the same period last year.
The bank's total resources reached P177.41 billion, 7.6% higher than end-March '07 level.
China Bank recently opened its 198th branch in the country, the 22nd in Mindanao, and its 6th in Davao City at Insular Village I in Lanang, Davao City. (CPM)
