Rizal Commercial Banking Corp. (RCBC) in the Philippines, and its thrift bank arm RCBC Savings Bank, plan to expand their presence in the country by adding more branches and ATMs.
According to Business World Online, CVC Capital Partners invested P4.96 billion in RCBC, the country’s fifth largest bank in asset terms, and earlier this year, International Finance Corp., the private sector investment arm of the World Bank, invested P2.1 billion in the bank.
“RCBC plans to deploy 350 ATMs this year,” said Ismael R. Sandig, RCBC executive vice president, in a statement.
The ATMs will be positioned in off-site locations and outside RCBC and RCBC Savings branches. About 150 ATMs will be added to the existing 152 ATMs in RCBC Savings' portfolio, and the rest will be added to the 632 ATM units of RCBC. RCBC will open 15 branches and extension offices, and RCBC Savings will open 15 branch offices this year.
“Our growth targets get higher every year ... we will surpass our year-on-year targets as a way to serve our clients better,” Sandig said.
