MANILA, Philippines—Businessman Alfred M. Yao’s Philippine Business Bank (PBB) has disclosed plans to grow its physical branch network by more than a quarter in the next 12 months to reach out to a bigger market.
In a statement on Thursday, PBB said it recently received regulatory approval to open 26 new branches in the coming year in various locations in Luzon, Visayas and Mindanao.
“The strong economic growth of the country has seen business increasing in outlying cities,” PBB said in a statement.
PBB had a total of 94 branches across the country as of Nov. 15. The BSP’s recent approval for new branches would allow the bank to set up shop in five locations in Metro Manila, 10 in the rest of Luzon, five in Visayas, and six in Mindanao.
The bank said this was part of its plan to continually reach out and serve the needs of small businesses in various cities.
“We visualize PBB to be the lender of choice for small and medium enterprises (SME) in the banking industry that builds a strong and secure economic bridge between the demands of our present societies and aspirations of our future generations,” PBB president and CEO Rolando Avante said.
The bank’s net profit in the third quarter of 2013 was up 60.71 percent to P1 billion from P624 million same period last year.