Philippines

China Bank's simultaneous opening of two new branches brought its branch count to 227. The opening of the Novaliches-Zabarte and N. Domingo branches coincided with the opening of the fourth branch of its savings bank arm, ChinaBank Savings, in Alabang Hills.

A US$258,000 centre for the microfinance programmes of the CARD MRI Development Institute has been completed by Banco de Oro.

Metrobank became the first Philippine bank to offer Chinese Yuan denominated offerings which was piloted in Metro Manila last 28 September.

Continuous surge in inflow of money from Filipino workers abroad could produce $4.5 billion by yearend.

BPI Family Savings senior executive Mercedes Roces said the bank now offers comprehensive cash management package to SMEs.

PDIC head told the media of bank’s possible acquisition by investors.

PSBank has been granted approval by the Philippine's central bank to invest up to 40 percent or approximately $38 billion in a joint venture with Sumitomo Corp.

Banco De Oro Unibank has the highest assets under management at the end of June 2009, accounting for 25.15 percent of the total or US$8.56 billion. This was an increase of 22.7 percent from the end-December 2008 level of US$6.97 billion.

BPI turned in a net income of US$49 million in the second quarter 2009, bringing the first semester total to US$108 million, 38.4 percent over 2008. Return on equity and return on assets stood at 16.5 percent and 1.7 percent, respectively.

China Bank further strengthened its branch network in Metro Manila by opening two more branches at Kalayaan Avenue and Pasig-C. Raymundo. The Bank now has a nationwide network of 225 branches plus three China Bank Savings branches.

Increase in loan portfolio and deposit base pushed Security Bank's Return on Equity to 20.76 percent. This is significantly higher than the Bank's 19.23 percent ROE for the full year 2008.

UnionBank opened a branch in Butuan City to finally make its presence in the CARAGA region and finally pacify irate government workers.

Banco De Oro has completed the purchase of 98.81 percent of the issued and outstanding common stock of GE Money Bank. At the same time, the Bank finalized the acquisition of the entire preferred capital stock of GE Money Bank in the Philippines.

The Philippine Veterans Bank recently inaugurated its newly relocated branch in Dagupan City, now located at Burgos St., Dagupan City.

UnionBank credits its treasury business and interest earnings for the 83 percent surge in its first half income. The bank registered a profit of US$45.5 million from US$24.82 million in the same period last year.

Metrobank President Arthur Ty says his bank will continue to cut costs to boost the bottom line, and it's working.