China Bank Savings (CBS) is planning to open at least 29 more branches this year to bring its total network to 180, which includes the 78 operating branches and 2 branch licenses as a result of the acquisition by China Banking Corp. (China Bank) of Planters Development Bank (Plantersbank) early this year. CBS is the
China Bank Savings (CBS) is planning to open at least 29 more branches this year to bring its total network to 180, which includes the 78 operating branches and 2 branch licenses as a result of the acquisition by China Banking Corp. (China Bank) of Planters Development Bank (Plantersbank) early this year.
CBS is the thrift bank of China Bank, a universal bank part of the SM Group of Companies.
Of the 29 new branches to be opened this year, half will be traditional or regular branches while the remaining half are mini-branches. The mini-branches will likely be located within Savemore outlets spread out nationwide.
“We have the ability to open a total of 40 mini-branches in the next two year, subject only to the availability of space or future outlets of Savemore,” said CBS president and CEO Alberto Emilio Ramos.
CBS is part of an integration team spearheaded by Savemore, which is likewise a member of the SM Group.
The original target set for 2015 was a hundred branches for the thrift bank, and over 400 new branches for the unibank. With a revised target, CBS is looking at surpassing the 200-branch mark by next year.
Ramos said that the bank draws inspiration from the fact that 30 percent of their walk-in depositors in the mini-branches are first-time bank depositors or formerly un-banked.