THE Banko Sentral ng Pilipinas (BSP) recently approved the request of Marayo Bank Inc., a rural bank, for authority to establish a branch in Hinoba-an, Negros Occidental.

Franklin Fuentebella, chairman of Marayo Bank Inc., said this will be the second branch that Marayo Bank will open this year following BSP’s approval of its application to open a branch in San Carlos City, which is scheduled to start operation by May or June.

The opening of these two branches is in line with its program of opening four new branches this year.

With the San Carlos and Hinoba-an branches, Marayo Bank will now be able to cover the entire province of Negros Occidental together with its existing six branches and lending offices in the province.

In addition to its Negros Occidental operations, Marayo Bank has also banking operations in the Province of Iloilo through its branches in Oton and Banate, and a lending office in Passi.

Marayo Bank has been in operation for more than 49 years and has expanded at a rapid pace during the last seven years.

For 2017, Marayo Bank recorded a double digit growth in terms of loans and net income. Its capital adequacy ratio (CAR) in 2017 was 25.14 percent, well above the BSP’s minimum requirement of 10 percent and one of the highest in the banking industry.