RCBC hires expert to beef up security

MANILA, Philippines - Rizal Commercial Banking Corp. (RCBC) is beefing up the defense system of its 603-strong branch network to avoid a repeat of the bloody bank heist in May, officials said on Monday night. Ma. Celia Fernandez-Estavillo, RCBC corporate secretary, said the Yuchengco-owned bank has clinched a deal with Hong Kong-based G4S Holdings Ltd. to conduct an audit of the bank’s existing security measures. "We signed an agreement with one of the world’s best to review our security system," she told a press briefing. "We also made enhancements and upgraded our security monitoring systems," she added. RCBC’s branch in Cabuyao, Laguna lost more than P12 million in a grisly robbery-massacre that left 10 people, including bank employees, dead. The bank wants to grow its customers to five million from one million in the next five years, with RCBC officials saying that an acquisition deal was in the works. "When we acquire banks, our focus is growing the distribution network," RCBC President and Chief Executive Officer Lorenzo V. Tan said. Growing the customer base has become the Philippine banking industry’s key strategy as focus shifted to consumer lending amid persistent market turmoil that depressed Treasury gains in the first quarter. RCBC initially eyed a full-year profit of P3.6 billion for this year, but the target is under review given prevailing market conditions, Mr. Tan said. The bank posted P3.2 billion in net income in 2006, exceeding expectations. "We want to be conservative. In a few weeks, we will come up with a more conservative projection," he added. — Maria Eloisa I. Calderon, BusinessWorld