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China Bank Savings branch network expands with the acquisition of Unity Bank

 

China Bank’s acquisition of Pampanga-based Rural Bank, Unity Bank, was recently approved by the Monetary Board and the Securities and Exchange Commission. The acquired bank will be merged with China Bank’s thrift bank subsidiary, China Bank Savings (CBS), considerably expanding the savings bank’s footprint.

 

CBS has 31 branches to date, 42 by year-end. The acquisition will boost CBS’ network with 15 Unity Bank branches and additional 24 branch licenses in the restricted areas granted by Bangko Sentral ng (BSP) under the Strengthening Program for Rural Banks (SPRB) Plus. The additional branches licenses will increase the presence of CBS to 28 in the restricted areas by next year.  

 

According to CBS President Alberto Emilio Ramos, the acquisition fast- tracks the savings bank’s branch expansion program. “From this deal alone, we will have at least 80 branches by 2013, on track to meet the target of 100 branches by 2014,” he said.

 

China Bank’s purchase of Unity Bank supports BSP’s SPRB Plus, a program that aims to effectively serve the countryside and improve the delivery of financial services to rural communities by strengthening the thrift and rural banking industry. 

 

Unity Bank was established in 1970.  Its head office is located in San Fernando Pampanga.  It has 15 branches, of which, 11 are in Pampanga, two are in Bataan, and two are in Bulacan, and employs 182 people.  Unity Bank has total assets of P1.1 billion, total loans of P660 million, and total deposits of P1.2 billion.  

 

CBS began operations on September 8, 2008, following China Bank’s acquisition of Manila Bank in late 2007. CBS is focused on the retail market, offering products and services that match different life stages, and its "madaling kausap” brand of personalized service. 

 

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