As of end 2006, RCBC had a total of 289 branches, five extension offices, complemented by 258 ATM facilities.
RCBC said funding for the expansion will come from its proposed issuance of 250 million common shares which is still subject to the approval of regulators.
The shares will be sold at a price to be based on the average for 10 trading days of a specific period.
RCBC issued $100 million in hybrid Tier 1 shares in the last quarter of last year and P1 billion worth of perpetual but noncumulative preferred shares.
The bank is aiming to become one of the top five largest private domestic commercial banks this year.
Apart from building its capital base, the bank has reduced its non-performing loans and real and other properties acquired through the Special Purpose Vehicle Law and private sales by more than P5 billion last year.
RCBC reported a 60 percent jump in its net income for the first nine months of last year to P1.159 billion from P724 million in the same period in 2005. Net interest income increased by 25.3 percent to P5.7 billion while provision for impairment losses amounted to P1.27 billion, up 13 percent.
The bank’s opening of foreign offices in Hong Kong (RCBC International Finance Ltd.) in 1979, in the US (RCBC California International Ltd.) in 1993 and in Italy (RCBC Telemoney Europe) in 1995 and affiliations with offshore banks and money transfer agencies, stabilized the position of RCBC in the remittance business.
RCBC now accounts for more than 10 percent of the country’s total remittance business.
It also has equity holdings in companies engaged in power generation, automotive assembly, thrift banking, and food manufacturing.