China Bank to Open 50 New Branches in 2015

Published By : 20 Jul 2015 | Published By : QYRESEARCH

China Bank has plans to open around 50 more branches in 2015 on account of the robust economic condition of China.

Cebu province is the home to the first provincial branch of China Bank, which was opened in 1948. Of the targeted expansion of the bank, 3 to 4 banks are to be opened in Cebu to strengthen the status of China Bank in the province.

According to the president and the CEO of China Bank, Mr. Ricardo Chua, Cebu is a lucrative market, which accounts for 30% of the overall growth of this bank. The planned expansion of the bank in Cebu states that they continue to trust on the strong growth story of this region, added Mr. Chua, quoting the flourishing industries in the province.

He also said that they are planning to make it big in Cebu, citing the various developments in Cebu such as supermarket, infrastructural development, and tourism. In the previous week, the bank has opened its BPO tower in the corporate center of China Bank in Cebu Business Park.

Currently, there are 24 branches of China Bank in Cebu. The senior vice president and the head of investor and corporate relations at China Bank, Mr. Alexander Escuchua, stated that they expect growth in all the products of the bank in corporate, retail, and SME.

The subsidiaries of China Bank such as Plantersbank and CBS have several programs meant to enhance the performance of the bank in 2015 and meet all the customer requirements, at the same time, Mr. Escuchua told to media.

China Bank reported a cumulative net income of P1.21 billion for the first 3 months of 2015.
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