One Network Bank Inc., the rural bank subsidiary of BDO Unibank Inc., the largest lender controlled by tycoon Henry Sy, plans to further widen its coverage nationwide as it pursues an aggressive expansion program through the opening of more branches in different parts of the country.
Latest data from the Bangko Sentral ng Pilipinas showed that ONB had the most number of applications for new banking offices approved by the regulator in the third quarter of 2018.
ONB had 83 applications for new branches approved by the Bangko Sentral in the third quarter 2018. They comprised the bulk of the 137 total applications filed by rural and cooperative banks during the period.
Of ONB’s 83 approved applications, 74 are located in Luzon while nine applications are intended for Visayas.
ONB opened 10 branches during the July-to-September period last year. The new branches are in Laoag City, Antipolo City, Kalibo in Aklan, Mabalacat City, San Jose del Monte City, Apalit in Pampanga, Cainta in Rizal, Iriga City, San Mateo in Rizal, and San Miguel, Bulacan.
BDO acquired the Davao-based One Network Bank in July 2015 in a bid to seize opportunities in Mindanao.
Universal/commercial, thrift and rural and cooperative banks opened a total of 126 new branches in the third quarter.
Among big banks, BDO and China Banking Corp. opened the most number of branches with 10, followed by Bank of the Philippine Islands and Robinsons Bank Corp. with four each.
Other universal and commercial banks that opened new branches are Land Bank of the Philippines, three; Philippine National Bank, three; Asia United Bank, two; Security Bank Corp., two; and one each for Bank of Commerce, Development Bank of the Philippines, Metropolitan Bank & Trust Co., and Chang Hwa Commercial Bank Ltd.
Thrift banks opened 41 branches while rural and cooperative banks unveiled 43 new banking offices during the period.
Meanwhile, total approved applications for new banking offices in the third quarter reached 184. Universal and commercial banks accounted for 10, 37 from thrift banks, and 137 from rural and cooperative banks.
Among big banks, BDO Unibank Inc. had four applications approved, while LandBank had six.