Penbank to open more branches

CEBU, Philippines - Presently servicing the Visayas and Mindanao areas, Penbank aims to expand their services more by opening up other branches once their application to convert from rural bank to a thrift bank gets approved.

Marvin Soco, senior manager and cluster head for the Visayas Area said that they are aiming to open up other branches, specifically in Central Visayas like in Negros Oriental, after the conversion to a thrift bank is completed.

Penbank has 32 branches in Mindanao and eight branches in the Visayas, six of these are in Cebu .

Soco said that the process is not easy and they are very meticulous in all aspects of upgrading in order to further continue the quality service that they are giving their customers.    

Four branches in Cebu are presently in the process of conversion.

Soco said that even if they would be upgraded into a thrift bank, they would still be continuing their low-cost deposit service which is one of the banks’ edge among other rural banks.

Soco explained that the public’s notion in rural banks is that they all have high interest rates and the public has this apprehension when it comes to trusting their money to rural banks. But Soco said that they would want to change this.

He said that ever since they have always stressed on their low cost deposits, which have helped them a lot especially in maintaining their customers despite the crisis at the same time deflecting allegations faced by other rural banks recently.

After the conversion to thrift bank, Soco said that they will continue on upgrading their services and would soon aim to be a commercial bank.

Penbank is owned by the RD group of companies that have ventured into other businesses aside from their initial RD pawnshop.

RD group of companies is also into Fishing, Agri-business, Manufacturing, Processing, Insurance, Real Estate Development, Hotels and Retailing of Hardware and Fishing Supplies.

Rodrigo Rivera Sr., the chairman and CEO of RD Corporation said that they are looking forward for the expansion and opening up of new branches after the conversion.

He said that they are optimistic of how the public will continuously support their projects following the support it has given throughout the years.

The company currently employs 11,000 workers, which is seen to definitely go up with the planned expansion.   (FREEMAN NEWS)