One Network Bank eyes six new branches in Western Mindanao

One Network Rural Bank is planning to open six more branches within the year with emphasis on areas of Mindanao where it still is without presence.

"We want to expand to Western Mindanao or the province of Zamboanga," Antonio P. Avelino, One Network Bank vice chairman said. Presently, it operates 46 branches, considered the biggest network in the country’s rural banking system.

The rest of the branches are located in Northern Mindanao, Bukidnon, Misamis Oriental, Southern Mindanao, Davao City, Davao del Norte, Compostela Valley, Davao del Sur, Davao Oriental, North Cotabato, Central Mindanao, Sultan Kudarat, Sarangani, Lanao del Norte, Caraga Region, Agusan del Norte, and Agusan del Sur.

In the next three to five years, the biggest rural bank will be expanding to the Visayan region.

Under the incentive scheme for consolidations of the Bangko Sentral ng Pilipinas (BSP), consolidating banks are allowed to open six additional regular branches in areas where there are only three existing branches or officers of other banks. The BSP has an existing branch expansion moratorium.

Avelino revealed that it is also putting in place an automated teller machine (ATM) network hand-in-hand with its branch expansion. It is working closely with Megalink, one of three major ATM operators, not only for its network but also applying wireless ATM technology.

"It is ideal for countryside areas without or with limited telephone lines," the bank vice chairman added.

It has also been given the nod to directly participate in the Philippine Clearing House Corp. (PCHC), and act as a moneychanger for foreign exchange (forex) as long as it would open a foreign currency deposit with commercial banks.

Network Bank president Alex V. Buenaventura said that dealing directly with PCHC not only speeds up and expedites clearing of its own checking account. "It also unlocks two-thirds of the reserve deposit block with the commercial bank which served as our clearing bank. That would thus allow that amount to be relocated for lending," he pointed out.

One Network Rural Bank is the newly-established rural bank as a result of the consolidation of three banks. The three rural banks are Network Rural Bank (Davao del Sur) Inc., the Rural Bank of Panabo (Davao del Norte) Inc., and the Provident Rural Bank of Cotabato (North Cotabato) Inc.