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PIA Press Release

China Bank to expand services in Mindanao

By Carina L. Cayon

Davao City (20 November) -- Seeing the high potentials for investments in Mindanao, the China Banking Corporation is expanding its banking services in seven areas across the island.

China Bank area head for Mindanao 1, Hudson Uy bared the bank's "aggressive expansion plan," stating that it has scheduled to open branches starting December this year.

Uy continued that by first quarter in 2011, China Bank would open a branch in Toril, Davao City which would become an additional to the existing six branches in the city.

Also by next year, the bank would put up a branch in Panabo City in Davao del Norte province, which Uy described as a "very prosperous" area.

China Bank branches would be built as well in Koronadal City in South Cotabato and Midsayap in North Cotabato, Uy told the media during Wednesday's Club 888 Media Forum held at Marco Polo Hotel, this city.

In Mindanao 2 area, he said the bank would also be expanding in Cagayan de Oro City and Surigao City.

"The rapid bank expansion aims at reaching wider range of market in Mindanao," Uy said.

According to Uy, there are 12 branches in Mindanao 1 area, which includes the six branches in Davao City, Cotabato, Kidapawan, Tagum and General Santos City, while in Mindanao 2, there are 10 branches.

Uy said Davao City is among the areas with high potentials for investments. He noted that one of Mindanao's potential is agriculture-based particularly pointing to the banana industry in Tagum City and Panabo City.

Meanwhile in a press statement, China Bank boasted of a 17 percent growth of its income from January to September this year.

It said that for this period, the bank has "posted a strong performance" of P3.75 billion in consolidated net income compared to last year's P3.21 billion as recorded in the same period.

The press statement further stated that the "income performance translates to a 16.13% return on equity and a 2.13% return on assets still among the highest in the industry."

China Bank president and CEO said in the press statement that despite the cost of the ongoing expansion, "we are very pleased to have surpassed our income growth target for this year."

The bank's Marketing Service Head for Mindanao, Mary Ann Ducanes said during the media forum that the banking corporation has been in the industry for 90 years.

"We are very thankful for being able to serve the public," stated Ducanes, adding "we may have been considered the most conservative bank, but what we value most is our strong partnership with our clients." (PIA-XI) [top]

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