Sun.Star: Gaisano bank to open 5 more branches

CEBU CITY - The financial arm of the Metro Gaisano group plans to open five more Wealthbank branches in the Visayas and Mindanao as the bank continues to enjoy growth in both deposits and loan. Wealth Development Bank’s (Wealthbank) expansion can either be through merger or acquisition, said president Sabiniano Villamor. He said company stockholders have approved the infusion of additional funds to strengthen the bank’s capital base in anticipation of the Bangko Sentral ng Pilipinas (BSP) approval of its plan to open more branches. “This is expected shortly on the basis of the positive feedbacks recently received from (the) Supervision and Examination Department 3 (of the BSP) which reported (it has) completed the documentation," he added. He said the private development bank is waiting for the approval of the BSP “anytime this year" for the expansion program. “Our target is to establish the five branches within six months after we get the approval. Selection of location will be given particular attention as well as the personnel requirements of each new branch to give the best service to clients in these areas," Villamor said in an interview. He said two of the additional branches will be located in Cebu, bringing Wealthbank’s total number of branches in the province to six. Wealthbank’s existing branches are located at the Cebu Business Park, Ramos Street, Carbon Market area and in Mandaue City. Outside Cebu Province, Wealthbank has existing branches in Cagayan de Oro and Tagbilaran City, Bohol. The bank also plans to open two additional branches in Davao — in Matina district and Sta.Ana, and the another one in Iloilo. Taking advantage of the presence of Metro Gaisano department stores in Luzon, Villamor said Metro Manila has been identified as another target for expansion. Metro Gaisano is the anchor store of Ayala’s Market Market mall in Taguig. The two other Metro Gaisano malls are in Legaspi City and Lucena. In addition, Wealthbank is also fast-tracking its automatic teller machine project to complement the bank’s widening market coverage. 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 having increased its authorized capital to P500 million. The Metro Gaisano group, also known as Vicsal Development Corp., is the bank’s majority shareholder while its equity partners are the Development Bank of the Philippines and the Land Bank of the Philippines. - Sun.Star