Wealthbank to open four more branches this year

Wealth Development Bank (Wealthbank), the banking arm of the Metro Gaisano group, is pushing through with its planned expansion venture this year despite the fragile economic condition of the country.

The bank’s president Ben Villamor announced that the bank will open a total of four branches this year. Two of which will be opened in the cities of Davao and Iloilo within this month, while the other two will be opened in Cebu in the last quarter of 2008.

“The bank management looks at the crisis as an opportunity to grow and offer the best competitive service to the public and our clients in general,” Villamor said in a statement.

He said the bank will leverage more if it provides accessibility to the market. “The more branches the better. It provides wider access to many micro savers aside from providing lending facilities for both consumption and commercial loans.”

With Wealthbank already in Davao, the possibility of opening other Metro Gaisano core business and affiliates in the city is not remote. 

In fact, he said Gaisano group’s Prime Asia Pawnshop already has several branches in Davao and other parts in Mindanao.

The new branches in Davao will be manned by veteran bankers whose expertise and experience both in retail and wholesale banking will ensure efficient services to its clients.

Wealthbank has existing four branches in Cebu. These are located in the Cebu Business Park, in Ramos St., in Manalili serving the Carbon Market and in Mandaue City.

It also has branches in Cagayan de Oro and Tagbilaran, Bohol.

Wealthbank,formerly Danao City Development Bank (DCDB), was established in 1966.

In 2001, the BSP and the Securities and Exchange Commission approved the acquisition of DCDB by the Metro Gaisano group and allowed the new owners to change its name to Wealth Development Bank Corporation and increase in authorized capital to P.5 billion. – Ehda M. Dagooc