Bank of Commerce (BNCOM) has announced its intention to deploy a series of new automated teller machines (ATMs) across its network.
In a disclosure submitted to the Philippine Stock Exchange, the affiliate of San Miguel Corp. shared its plans to install approximately 300 combined ATMs and cash recycling machines at various branches and off-site locations.
Having made its debut on the local stock exchange on March 31, 2022, BNCOM managed to raise P3.36 billion.
The bank, under the leadership of SMC, specified that the funds from its initial public offering would be allocated towards enhancing its ATM network and other relevant areas.
Improving the ATM network serves as a key priority within the bank’s 5-year investment and digitalization program.
BNCOM has procured the new ATMs from NCR Corp., a prominent global provider of software, hardware, and services catering to diverse industries, including banking.
Ramon S. Ang, SMC’s Vice Chairman, President, and CEO, emphasized the importance of trust in banking services while underscoring the value of a reliable and experienced partner who comprehends the institution’s vision.
Meanwhile, Bank of Commerce (BankCom), an affiliate of San Miguel Corporation, witnessed a significant 30% growth in remittances from overseas Filipino workers (OFWs) during the initial quarter of this year.
This notable expansion can be attributed to the effective execution of marketing campaigns in the Middle East.
Strengthened partnerships with overseas remittance providers and strategic marketing initiatives played a pivotal role in bolstering the inflow of remittances.
BankCom organized a remittance promotion spanning from December 1, 2022, to February 25, 2023.
Throughout this period, OFWs who sent money from the Kingdom of Saudi Arabia to the Philippines had the chance to win online shopping vouchers valued at P10,000 and P100,000 from San Miguel Mart.
The promotion consisted of three draws, with the first coinciding with the festive December season. The remaining two draws were held on January 30 and March 1, resulting in a total of 33 winners receiving online shopping vouchers.
Furthermore, transactions conducted through the Mastercard Transaction Services experienced a surge of over fivefold during the year-to-date period of March 2023 compared to the same period last year.
Michelangelo R. Aguilar, BankCom’s President and CEO, expressed his satisfaction with this growth, asserting that the substantial increase in OFW remittance transactions demonstrates the bank’s commitment to delivering efficient and convenient services to its esteemed customers, both locally and internationally.
The institution will persist in fostering innovation and collaboration with its partners to meet the evolving requirements of its OFW clients.
Following the impressive achievements of the Middle East remittance promotion, BankCom is currently running an equally captivating partnership campaign tailored for the “back-to-school” season, which will continue until August 31.
Additionally, OFWs in Japan can anticipate the forthcoming launch of SIKAPPINOY Asenso in June. SIKAPPINOY Asenso is an all-in-one service designed to facilitate efficient, secure, and intelligent management of the hard-earned money of OFWs and their families.
BankCom attained a significant milestone early in the year, with first-quarter profits soaring to ₽713 million, nearly doubling the preceding year’s P360M and surpassing the bank’s pre-pandemic performance for the entirety of 2019.
This remarkable accomplishment resulted from the expansion of the bank’s loan portfolio, improved margins, and elevated fee income primarily driven by the surge in remittance transactions.
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