Banks secure BSP nod to open new branches

The central bank has approved the opening of new branches for several local banks in the coming months, in line with efforts for the promotion of a more inclusive financial system.

In a circular letter released this week, the Bangko Sentral ng Pilipinas (BSP) said six universal and commercial banks, six thrift banks, and 13 rural banks were given the authority to open new branches in various parts of the country.

The opening of the new branches was approved by the BSP during various meetings in the second quarter of the year, circular letter 2013-58 showed.

Robinsons Bank Corp. of the Gokongwei group led the pack when it was given the greenlight to open 21 new branches this year.

BDO Unibank Inc., the main banking arm of retail tycoon Henry Sy’s business empire, was allowed to open 17 new branches in the second quarter. Other universal and commercial banks that secured the BSP’s nod were Metropolitan Bank & Trust Co., Philippine Bank of Communications, Rizal Commercial Banking Corp., and China Banking Corp.

Chinabank Savings Corp., an affiliate of BDO, may open 18 new branches.

Other thrift banks given the greenlight were Philippine Savings Bank, Philippine Business Bank, RCBC Savings, Security Bank Savings and Sun Savings Bank.

Among rural lenders, the Bank of Makati was ahead when it got the BSP’s blessing to open 15 new branches in the coming months—all of them in Metro Manila.

Last year, the BSP lifted its restrictions on the number of branches that banks may put up as it tried to promote the expansion of the country’s financial system to reach more people.

The BSP said the number of a bank’s branches would only be limited by the size of its capital base.

The number of banks, including head officers and branches, in the country increased to 9,543 at the end of June this year, from 9,207 the year before, latest data from the BSP showed.