China Bank Savings (CBS) is stepping up its aggressive expansion in the provinces, especially in Visayas and Mindanao.
Earlier this month, the second-largest thrift bank in the nation established a new branch in Panabo City, Davao del Norte, while the refurbished CBS Davao-Toril branch moved to the G Mall in Toril.
It also launched a new location in Talisay City, Cebu’s South Coast Center, last November 18.
Photo shows Talisay City Mayor Samsam Gullas and Vice Mayor Choy Aznar, Minglanilla Mayor Rajiv Enad, and top CBS executives, including President James Christian T. Dee, Cluster Head Pia Monica Alturas, and SVP for Retail Banking and Consumer Lending Group Jan Nikolai Lim during the ribbon-cutting and blessing ceremony for the new branch in Cebu.
In the Visayas and Mindanao, CBS now operates 73 branches, branch-lites, and automated payroll deduction system (APD) lending facilities. This has 35 branches in Mindanao and 38 in the Visayas.
“As we showcase these new, more streamlined offices created to better serve our clients and partners, we continue to celebrate CBS’ expansion in the VisMin region. With its diverse array of agricultural goods, rich cultural legacy, and well-known tourist attractions, the VisMin region has much to offer the Filipino people and is an essential component of the economic sector,” stated Dee in his speech during the launch event.
“We are dedicated to improving your banking experience and offering you financial solutions that fulfill the Easy Banking for You brand promise,” he further stated.
China Banking Corp.’s retail banking division operates 216 ATMs, 170 branches, and over 100 APD lending centers and branch-lites across the country.
China Bank injects an extra P2-B into its thrift banking division
In 2023, the bank had also announced that it is injecting an extra P2 billion into its thrift banking division to support continued loan growth and increase its capacity to service new banking population segments.
The capital infusion to China Bank Savings Inc. (CBSI) was approved by the board of directors of the Sy-led bank recently in order to support its “sustained loan expansion and enhance its ability to cover and serve more segments of the banking and unbanked population.”
In 2007, the Puyat family sold their 87.51 percent ownership in the Manila Banking Corp., which was later renamed CBSI, to China Bank.
After merging with Unity Bank in 2012 and with Planters Development Bank in 2014, it has since become one of the top thrift banks in the country.
China Bank still the third-largest thrift bank in PH
James Christian Dee, president of CBSI
Based on the latest information from the Bangko Sentral ng Pilipinas (BSP), as of the end of March this year, CBSI was the third-largest thrift bank in terms of assets with P132.68 billion and the fifth-largest in terms of capital with P14.08 billion.
James Christian Dee, president of CBSI, is upbeat despite high inflation and sluggish economic growth because the bank’s net income increased by 15% and above expectations by 4%.
With a focus on customer-centric initiatives, CBSI Chairman Ricardo Chua is also optimistic that the bank would maintain its outstanding performance in the second half of 2023.
“I believe we can overcome all of these if we have a strong, cohesive, and well-prepared organization, one that is focused and engaged with our customers, one that not only is good at bringing them excellent banking services but also one that is ready for the digital economy,” Chua said.
