Region Bank, the largest rural bank in the country, has gross assets of P1.6 billion and a network of 11 branches in Laguna, Batangas and Muntinlupa.
With the acquisition, Plantersbank will have total consolidated assets of P27 billion. The acquisition was also approved by the Philippine Deposit Insurance Corp. (PDIC).
Plantersbank chairman and chief executive officer Ambassador Jesus P. Tambunting said this move is part of Plantersbank’s strategy to expand its reach in new markets and optimistic that the acqusition will further boost the area’s economic potential. It will also place Plantersbank in a stronger position for a more aggressive frontline service and credit delivery as they expand their reach in areas where SMEs are thriving.
"Region Bank’s network of 11 branches will give us an existing platform for Plantersbank to provide in the Calabarzon area our full array of produts and services," he added.
The country’s largest private development bank and nationally acclaimed as the bank for small and medium enterprises, Plantersbank is a consistent recipient of awards for SME finance. Its institutional shareholders include the World Bank’s International Finance Corp., the Asian Development Bank and the Netherlands Development Finance Co.