MANILA, Philippines — Bank of Makati Inc. is further expanding its footprint nationwide with the opening of 40 branch-lite units.
Luis Chua, president of Bank of Makati, said the continued expansion of its branch network is integral to the bank’s goal of enabling Filipino savers and supporting their entrepreneurial endeavors.
“With our planned branch-lite units, we look to provide the unbanked and the underserved access to banking services tailored to their needs,” Chua said.
The country’s eighth largest thrift bank in terms of assets currently has 62 regular branches supported by 703 outlets of Motortrade that serves as a collection agent.
The Ongtenco family owns both the bank and Motortrade.
Bank of Makati is seeking the green light from the Bangko Sentral ng Pilipinas (BSP) to establish 26 branch-lite units across Metro Manila, Cagayan Valley, Central Luzon, Calabarzon, Mimaropa and Bicol Region.
The bank intends to open seven branch-lite units in the Visayas including one in Aklan, Negros, Negros Occidental, Cebu, Bohol and Samar.
It is also looking at seven more sites in Mindanao including Zamboanga, Iligan City, Davao Del Sur, Davao Del Norte and Agusan Del Sur.
A branch-lite unit allows banks to expand in more locations, especially in unbanked and underserved areas, with lower capital requirements. It performs limited banking activities and records its transactions in the books of the head office or the branch to which it is annexed.
Pending the approval by the BSP, the proposed branch-lite units of the bank will be able to take account opening documents and facilitate account activation, accept loan applications and conduct preliminary credit evaluation and receive or pay out funds in connection with authorized remittance transactions, among others.
The bank is gearing up to become the preferred bank of micro, small and medium enterprises (MSMEs), which comprise over 99 percent of business establishments nationwide and serve as the country’s primary engine for job generation.