MANILA, Philippines - Now that the China Bank Group has hurdled all major regulatory requirements, China Bank Savings (CBS) is poised to join the country’s leading thrift banks.
Last Aug. 14, the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) approved the proposed merger between the Planters Development Bank and CBS, with the latter emerging as the surviving entity.
The bank will still seek the nod of the Philippine Deposit Insurance Corp. (PDIC), and it has to submit to the BSP its articles of merger approved by the Securities and Exchange Commission (SEC).
Meanwhile, the new CBS would reflect total assets worth an estimated P70.39 billion, and a capital base of P4.2 billion. Monetary regulators demand a minimum capital base of P2 billion for thrift banks with more than 50 branches.
Total loan portfolio would amount to P49.1 billion, and total deposit portfolio of approximately P61.16 billion.
CBS president Alberto Emilio V. Ramos said the bank’s loan portfolio shows 75 percent in favor of consumer loans and 25 percent are small and medium enterprise (SME) prior to the integration.
“We will see a reversal in the portfolio with the absorption of Planters Bank,” Ramos said.
Total branch network would reach 164 and 151 ATMs, while China Bank Group’s combined nationwide branch network would reach 478.
However, Ramos said they expect to open another 10 branches within the year.
The unique branch strategy of CBS, known as Easi-Banking branches, is its branches located in Save More and HyperMart outlets.
These are open seven days a week, with banking hours starting 10 in the morning to 8:30 in the evening.
These are equipped with an ATM, a night depository box, and an Online Banking kiosk.
Incidentally, the combined branch network of BDO Unibank Inc. and the China Bank Group would count nearly 1,500. Both groups are members of the SM empire of the Sy family.