Set to become a financial institution that caters to the needs of small and medium enterprises, ASPAC Rural Bank, Inc. which also stands for Asia Pacific Bank simultaneously inaugurated its company-owned offices within the city last Saturday.
ASPAC which is quite new in Cebu’s banking district having started in 1995 already has 13 branches all over the province, 11 of which stand on company-owned lots and buildings.
Formerly known as Community Bank of Tabugon organized last 1972, ASPAC came into existence under the leadership of its Chairman of the Board and President Atty. Augusto W. Go, the multi-faceted businessman behind University of Cebu, Elizabeth Mall, and Visayan Surety and Insurance Corp. among others, who invested sufficient amount of capital that increased its level and extended into towns.
As a rural bank, ASPAC caters to SMEs but also acts more like a commercial bank but gives higher interest rate than the latter.
Atty. Go said in an interview with The Freeman that due to their sound financial condition, Central Bank granted them authority to open the branches the reason why they simultaneously held the inauguration ceremonies of three new buildings located in Banilad, Carbon and along N. Bacalso Avenue.
Presently, ASPAC has authorized capital of P150 million, with net worth of P163. 13 million that includes investments in stocks and profit. As of July, its deposit liabilities amounted to a total of P586. 05 million and a loan portfolio of P 324. 19 million.
With plans of increasing its authorized capital investment further to P200 million this year; Go said that as of the moment, ASPAC have no future plans of extending operations outside Cebu because they want to focus their attention to its newly opened branches.
“We want to consolidate our resources before we move to other areas but it would depend upon the needs of the market,” said Go.
Although he could not give the exact figures regarding their market share in the rural banking industry in Cebu, Go pointed out that ASPAC actually is one of the biggest rural banks in the province in terms of capital and authorized capital investments.
“We have a substantial share because we have many branches than any other bank; we have big capital and reputable stock holders plus we have loyal corporate clients who have confidence in our bank.”
Through a minimal initial deposit, anyone can open a savings account to avail of ASPAC’s services and easy-on-the-pocket products. – Rhia de Pablo