PHILIPPINE Veterans Bank (PVB) recently opened 10 new branches, beefing up its network to 60 branches nationwide.

Last Jan. 18, PVB simultaneously opened 10 new branches all over the country.

Click here for stories and updates on the Sinulog 2010 Festival.

These are in Pasay City, Malolos in Bulacan; Santiago City, Isabela; Olongapo; Lipa, Batangas; San Pablo, Laguna; Kalibo, Aklan; Tagbilaran, Bohol; Pagadian, Zamboanga de Sur; and Koronadal. Late last year, PVB opened five new branches in Luzon as part of its branch expansion and rationalization plan.

“As a bank, increasing our branch network is the only way to grow the business and meet the growing needs of our customers and shareholders. Most of the locations are in key cities outside Metro Manila where we prioritize to establish our presence,” said PVB president & CEO Ricardo A. Balbido Jr.

Veterans Bank ended 2009 with close to P52 billion in assets from P45 billion in 2008, and P5 billion in capitalization.

Majority of the asset growth was funded by the increase in deposits. For 2010, the Bank hopes to achieve a growth target of 15 percent or close to P60 billion in total assets by yearend.”

As of the third quarter of 2009, PVB was ranked 18th among the commercial banks in the country.

PVB is also boosting its ATM network by 25 new machines in the first quarter of this year, for a total of 106 ATMs nationwide. Last year, the bank doubled its cardholder base to over 184,000, mostly payroll accounts, and the number is expected to further rise this year.

PVB will also launch in early 2010 new long-term deposit products aimed at private depositors who wish to get premium rates for their savings.

“The banking public is more and more getting rate-conscious and sophisticated with their investment and savings options nowadays. These new products, which are coming out very soon, were designed to meet their needs,” said PVB branch banking group head & EVP Jesus Vicente O. Garcia.

On the corporate side, PVB has begun focusing on providing cash-management solutions and financing for local governments for its priority development projects.

PVB has likewise invested heavily in developing and improving its IT systems, to ensure its service capability, given the increase of corporate clients availing of the Bank’s corporate ATM payroll service.

“We will continue to push our 5-in-1 ATM payroll product this 2010, which has been received well,” said Garcia. This ATM product provides not only for the payroll services, but the ATM card itself also functions as a company ID, timekeeping card, debit card and discount card as well, providing a complete HR solution package for PVB corporate clients.

“On the lending side, we also hope we can provide financing solutions to deserving LGUs for their development projects especially after the coming elections. This has been a core thrust of the Bank, to help spur countryside development,” said Balbido.

Philippine Veterans Bank is a private commercial bank owned by some 300,000 World War II veterans, widows & their heirs. The bank is also committed to providing 20 percent of its annual net income to the Board of Trustees for the Veterans of World War II which manages programs for the benefit of the WWII veterans and their surviving families. (PR)