MANILA, Philippines—Rizal Commercial Banking Corp. (RCBC) is bent on expansion through acquisitions, hoping to broaden its network to at least 400 branches as soon as possible.

RCBC, the seventh largest bank in terms of assets, intends to use a wider distribution channel to boost retail banking as well as small and medium enterprise (SME) portfolio.

Strengthening cross-selling to consumers and SMEs would boost the bank’s capability to hurdle any external shocks in the future, RCBC president Lorenzo Tan said.

“In the United States, the banks that focused on customer penetration, like Wells Fargo, were better able to withstand the shocks of the market,” Tan said in a briefing Monday night. “If we can achieve our goal so that more of our business is SME and [consumer-oriented], we can survive” another crisis.

RCBC is likewise building up its microfinance portfolio using JP Laurel Rural Bank of Batangas, which it took over from the Laurel family, as its platform. Merchants Bank, which it acquired in 2007, would be the vehicle for the Mindanao operations.

John Deveras, chief of strategic initiatives at RCBC, said the objective was to hit at least 400 branches nationwide.

“[Acquisition] is necessary to generate funding, to be competitive in corporate lending and also to have the scale to penetrate unserved lending areas,” he said.

To date, RCBC has a branch network of 330.

It was earlier reported that RCBC is in talks to acquire controlling stake in the 50-branch Export and Industry Bank. Tan said nothing has been finalized to date.

RCBC will soon launch the first ATM card that may be used to ride the MRT.

“We’re hoping that usage of [the card] will roll out to toll roads, buses and even retail shops,” Tan said.

RCBC is projecting growth in net profit of 10 to 15 percent this year, over the P2.15 billion it generated in 2008.