Published By : 30 Nov 2015 | Published By : QYRESEARCH
The China Banking Corp. is planning to open 11 new branches by the end of 2015 to increase its penetration. At present, the corporation operates 497 branches across China and plans to bring the number to 508 by the end of this year. Among the operational branches, 165 are from subsidiaries, Plantersbank and China Bank Savings (CBS).
In a statement, the company said that Dec 2015, 11 new branches of China Bank are scheduled to open in Makati, San Juan, Quezon City. It has opened 18 branches of China Bank and 9 branches of CBS since the start of this year.
The latest branch of the corporation has been opened at Cebu, bringing the number of China Bank’s branches to 27 in this province. Alone in Cebu City, there are 14 branches of China Bank, 2 of CBS, and 3 of Plantersbank.
Mr. Ricardo R. Chua, the President and CEO of China Bank, stated that China Bank has the maximum branches in Cebu, outside Metro Manila. Cebu is also the home to the first provincial branch of China Bank and headquarters a big chunk of their operations. They will continue to magnify their branch network in the province to serve more of the entrepreneurs and residents of this Cebu and to contribute more to the development of the city’s economy.
Earlier this year, Mr. Alexander C. Escucha, Senior Vice-President and Investor as well as head of the Corporate Relations Group of China Bank, stated in an interview that the bank is opening more branches all over in China, specifically in secondary cities since they are lucrative targets.