PlantersBank to boost loan offer to consumer market

CEBU, Philippines - PlantersBank recently announced to intensify its loan offering to consumer market along with its bid to enter the big corporate loan takers.

With a network of 70 branches all over the country, the bank is planning to open up at least 10 more branches this year to widen its presence in the dynamic banking market landscape, said the bank’s senior vice president for Consumer Banking Group Gary Vargas in an interview.

The bank will spend at least P5 million to P8 million for every branch opening. This capital expenditure will translate to a total cost of investment to P50 million to P80 million this year, said Vargas.

Five branches are already scheduled to open within the 3rd quarter and will be located in Vigan, Bacolod, Tuguegarao, Makati and Mandaluyong. The areas of Isabela, Naga and Metro Manila are being eyed for the remaining five branches that are scheduled to open before the year ends.

Although the development bank vowed to continue its core service in providing financial requirements to the huge SME sector in the country, Vargas said PlantersBank will also reach out to the active consumer loan market, as well as the big corporate customers.

In consumer or retail loans, PlantersBank will enter into the strong housing, auto and personal loan offering, as well as the big corporations’ requirement for capitalization.

Vargas was in Cebu recently as one of the resource speakers of the Emerging Industries Forum, which is part of the Cebu Business Month (CBM 2012) celebration of the Cebu Chamber of Commerce and Industry (CCCI).

According to Vargas, the bank had undergone major re-engineering of its operations in the last two years. Today, it is up to take advantage of the country’s robust banking industry, and active clientele base.

PlantersBank chairman and chief executive officer (CEO) Ambassador Jesus P. Tambunting earlier said that the bank have been pushing for acquisition of additional branch licenses to make the addition of the bank network’s new sites.

“This will further enhance Plantersbank’s efforts to grow its network and widen its reach to help enable more entrepreneurs,” Tambunting said.

PlantersBank has also started the relocation of some of its branches to highly strategic and accessible locations. Most recent is the relocation of its Visayas Avenue branch to the new Wilcon City Mall near the Quezon Memorial Circle. Other branches for relocation are Baclaran and Kalookan.

 PlantersBank is one of the top 20 banks in the country’s banking sector, with total assets of P55 billion.  (FREEMAN)