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RETAIL BANKING | Cesar Tordesillas, Philippines
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RCBC expansion hinged on acquiring mid-sized banks

Rizal Commercial Banking Corporation hopes to have 400 branches the soonest possible time by acquiring medium-sized banks. The expansion is intended to boost RCBC's retail banking as well as small and medium enterprise portfolio. Of its target of 400 branches, half will be located in Metro Manila, according to RCBC president Lorenzo Tan. Tan added that the company intends to grow organically through acquisitions. RCBC currently has a combined 330 branches. Over the past three years, RCBC had raised Tier 1 and Tier 2 capital amounting to a combined P21 billion, a large amount of which has been set aside for possible acquisition, funds to meet capital adequacy and risk management levels, and for sustainable capital expenditure. In February RCBC acquired the ten-branch network of J.P. Laurel Rural Bank of Batangas to build up its microfinance portfolio. Last year RCBC acquired Merchants Bank’s 21-branch network to boost its microlending operations in Mindanao.It was earlier reported that RCBC is in talks to acquire controlling stake in the 50-branch Export and Industry Bank, which has 50 branches, most of which are in Metro Manila. Tan said nothing has been finalized to date.  

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