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BSP approves 13 bank branches in Q3 2022

January 25, 2023 - Wednesday 5:01 PM by Romeo Braceros Jr

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To open 13 additional regular branches or banking offices in the third quarter of 2022, four major banks and one rural bank have received approval from the Bangko Sentral ng Pilipinas (BSP).

The BSP also granted approval for 82 branch lite units (BLUs), which four rural banks requested, stated the circular issued by BSP Deputy Governor Chuchi G. Fonacier on January 19.

In the message, Fonacier highlighted that BDO Unibank Inc., the largest bank in the nation, and its investment bank division, BDO Private Bank, and rural bank affiliate, BDO Network Bank, submitted the majority of bank applications for additional offices and BLUs.

Security Bank Corp. and the government-owned Land Bank of the Philippines were the other commercial banks to apply for new banking locations.

There were more sanctioned regular branches for the third quarter than the second quarter's five.

Fonacier reported that 10 conventional branches, 35 BLUs, two banks focused on microfinance, and the headquarters of two digital banks were opened during the third quarter.

Regular branches do more banking activities than branch-lite units, which can offer various products and services suitable for meeting market demands—except for sophisticated clients with a high-risk tolerance.

Regular branches are large banks that provide a full range of banking services.

They are typically classic brick and mortar locations.

Last September, China Banking Corp. built a regular branch in Cagayan de Oro City, and last August, the Development Bank of the Philippines opened a regular office in Urdaneta City.

China Bank Savings, the thrift division of China Bank, opened eight BLUs during the quarter, all outside the National Capital Region.

BDO Rural Bank opened 16 BLUs throughout the time, which is the most of any institution outside of the NCR.

By the end of December 2022, the BSP was in charge of 403 rural and cooperative banks, 45 major banks, 43 thrift institutions, and 45 banks.

According to BSP data, there are 29,348 bank branches in the nation, of which 1,836 are head offices, and 27,512 are other offices such as BLUs and microfinance-focused branches.