ChinaBank Savings, Inc plans to quintuple its number of branches in the next three to five years.
The bank, a subsidiary of China Banking Corporation, the Philippines' fourth largest universal bank by market capitalization, intends to open 100 new branches to add to its existing 25 branches.
ChinaBank Savings President Alberto Emilio Ramos said attractive lending rates; low inflation and strong remittances from overseas Filipinos has led to strong personal spending. The Philippine economy is expected to grow from 4% to 6% this year on the back of strong public and personal spending.
“We want to ride on the crest of strong private consumption,” Ramos said.
Remittances from overseas Filipinos coursed through banks hit a record US$20.1 billion last year, up 7%. Apart from spending more, Filipinos are starting to save more, investment more or their own businesses.
Ramos expects the retail market to make aggressive loans and his bank wants to be in the right place to meet demand.
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