Finance


Robinsons Bank sets Manila expansion




Posted on January 21, 2013


GOKONGWEI-controlled Robinsons Bank Corp. will open about 30 branches in “restricted” areas in Metro Manila as it builds its presence in the commercial banking sector, a top official said.

“Our plan in three years is to roll out 30 or so branches in restricted areas to fill the gaps in our distribution channels,” Lance Y. Gokongwei, Robinsons Bank chairman, told reporters at the sidelines of the central bank’s annual reception for the banking community last Friday when asked about Robinsons Bank’s expansion plans.

Banks are not allowed to establish branches in Makati, Mandaluyong, Manila, ParaƱaque, Pasig, Quezon, and San Juan unless they have less than 200 branches in these cities.

Robinsons Bank was expected to have ended 2012 with 66 branches nationwide, Mykel D. Abad, Robinsons Bank corporate planning head, said last month.

Branches in restricted areas will bring the banking firm’s network to “over a hundred branches in the next three years,” Mr. Gokongwei said.

Robinsons Bank, established in 1997, is a subsidiary of listed conglomerate JG Summit Holdings, Inc.

It recently acquired Legazpi Savings Bank, which had 11 branches in the Bicol Region. -- F. J. G. de la Fuente