BPI opens 46 new branches, reaches out to more provincial areas
Bank of the Philippine Islands (BPI) is growing its branch network as it pursues its goal of financial inclusion and increasing access to financial services nationwide. BPI has opened 15 new BPI branches, 4 BPI Family Savings Bank branches, and 27 BanKo branches and offices across the country, for the first half of 2018.
Joseph Gotuaco, BPI’s head of Retail Banking and Chairman of BPI Direct BanKo, Inc., BPI’s microfinance arm, said the bank is strengthening its presence in provincial areas where bank services can support growing regional economies and their demands for safe and reliable financial services.
"We will continue expanding our branch network to areas that show potential for the need of consumers to transact financially, save, invest, or access credit. We want our branches to be a one-stop shop where clients feel they can have a meaningful relationship with BPI," said Gotuaco.
BPI has opened branches in Panabo in Davao del Norte, the Banana Capital of the Philippines, and Mati in Davao Oriental, the Coconut Capital of the Philippines. The bank aims to provide financial services to SMEs in the growing agricultural industry.
To better serve clients in the Cebu area, new branches were also established in Toledo, Carcar, and in Insular Square, Mandaue. BPI seeks to serve more clients as it moves further south of Cebu.
Other newly-opened branches include BPI Tuguegarao Buntun and BPI Camarines Sur Iriga in Luzon; BPI San Carlos City, BFB Samar Catarman and BPI Roxas Isabela in Visayas; and BPI Gensan Heights and BPI Midsayap in Mindanao. Relocated branches included BPI Quezon Ave. Edsa, BPI Mandaluyong Barangka, BPI Roosevelt, BPI Enterprise, BPI Rockwell the Grove, and BPI Commonwealth Royal Place in NCR; and BPI KCC Mall Zamboanga in Mindanao.
BPI currently has 942 BPI, BPI Family and BanKo branches and is expecting to add more branches before the end of the year.
“We are also enhancing the client experience and refurbishing the looks of our branches. This branch expansion is a strategic complement to our digitalization efforts, where in-branch transactions can be largely replicated on our online facility and mobile app,” said Gotuaco.
“We want our clients to have this seamless experience from the branch to our electronic channels. We want them to experience the convenience, innovation, and security that we offer beginning with our branch and extending to our online facility and mobile app,” he added.
The bank recently allocated approximately P50 billion from its stock rights offering (SRO) on four strategic opportunities that will help the Bank in its expansion in 2018. These strategic priorities include increasing BPI’s level of digitalization, enhancing the Bank’s deposit franchise and delivery infrastructure, accelerating the growth of SME and retail loans, and continuing to grow the microfinance business.
ABOUT BANK OF THE PHILIPPINE ISLANDS
The 167-year-old Bank of the Philippine Islands is the first bank in the Philippines and Southeast Asia. We are licensed as a universal bank by the Bangko Sentral ng Pilipinas to provide a diverse range of financial services: deposit taking and cash management, payments, lending and leasing, asset management, bancassurance, investment banking, securities brokerage, and foreign exchange and capital markets. BPI has significant financial strength, with robust Tier 1 capital adequacy ratios and profitability, underpinned by a stringent compliance and risk management regimes. BPI has investment-grade ratings of BBB- (Fitch), Baa2 (Moodys), and BBB (Capital Intelligence).