The One Network Bank (ONB) has drawn up a $9 million capital expenditure (capex) program to open 30 branches and relocate another four branches by 2016. ONB is Philippines’ largest rural bank with a branch network of 102, and 150 ATMs at the start of 2014. “Even with the recent launch of the ONB’s 100th branch in M
The One Network Bank (ONB) has drawn up a $9 million capital expenditure (capex) program to open 30 branches and relocate another four branches by 2016.
ONB is Philippines' largest rural bank with a branch network of 102, and 150 ATMs at the start of 2014.
“Even with the recent launch of the ONB's 100th branch in Mati City, Davao Oriental and its 102nd office in the municipality of Estancia in Iloilo, plans to further expand the bank's branch network to 132 by 2016 are already in the works,” said Alex V. Buenaventura, ONB President and CEO.
The main bulk of the $9 million expenditure will be primarily used to support the construction of 30 new branches in Mindanao and in Panay.
The bank kicks off its expansion program this month with the opening of its 16th office in Davao City located in the new building of Holy Cross of Davao College, an infrastructure project financed by the bank.
Another 10 provincial sites presently under site acquisition process, including two in Cotabato; three in South Cotabato; one in Davao del Sur; one in Compostela Valley; and three in Iloilo.
Furthermore, the allocation will also carry out branching in 13 more areas where branching has been approved but with no identified branch site yet.
The bank will also be allocating a fifth of capex to relocate and expand its four branches in Dipolog City, Piapi and Bunawan in Davao City, and Passi in Iloilo.