Wealthbank expands to Manila to back Metro Gaisano growth

Gaisano-owned Wealth Development Bank (Wealthbank) has expanded its business reach in Metro Manila to primarily cater to its expanding sister-company Metro Gaisano.

Upon the opening of Metro Gaisano, as the anchor store of another Ayala-developed shopping mall Market!Market!, located in Global City, Taguig in Metro Manila, Wealthbank is also taking brave move to open in a bigger city like Metro Manila.

Vicsal Development Corporation (VDC) operates Metro Gaisano and Wealthbank. The company is also into residential and commercial developments.

Wealthbank president Sabiniano Villamor said the primary reason why the bank is entering the Manila market is because it has to serve the clients of Metro Gaisano in the mall.

Villamor said, the bank is just waiting for the go signal of the Bangko Sentral Ng Pilipinas (BSP) to open its first branch in Manila.

"Upon BSP's nod, Wealthbank will already start construction of the branch," Villamor said.

"The business plans of Wealthbank include, among others, the synergy that can be captured from the Metro Gaisano stores," Villamor also said.

Wealthbank has increased its authorized capital in preparation for the bank's expansion program.

The thrift bank currently has six branches located in Cagayan de Oro City, Tagbilaran City, Mandaue City, Carbon, Ramos St. and at Cebu Business Park.

The Gaisano Group, through its lending arm, Prime Asian Lending, was able to enter into a merger deal with then, Danao City Development Bank few years back. Using the license of its partner, it converted its Prime Asia Lending branches to bank outlets.

The merger deal was approved by the Bangko Sentral Ng Pilipinas (BSP) last October 2001. Wealth bank had started its formal banking operation in June 2002.

Metro Gaisano group, operated by Vicsal, led by Jack and Edward Gaisano with sister Margaret, is the most aggressive, as it's so far the only Gaisano-led business that was able to conquer the Luzon market with the opening of its Legaspi City branch, and as an anchor of Market-Market mall in Metro Manila.

Vicsal has also diversified its business to residential and industrial developments, banking, among others.