Nestor Tan, the president and chief executive officer of BDO Unibank, Incorporated, has confirmed that the financial services firm will be able to serve more consumers in the Philippines starting this year.
He cited that this development comes as the parent banking organization would set up more branches all over the country as the new decade opens.
Based on the news posted online by The Philippine Star, an English-language print and digital newspaper in the Philippines, Tan confirmed that their company’s goal for 2020 is to enable more banking customers to enjoy premium-banking services by opening up to 60 branches of BDO.
This target is beside the offices and branches of their rural financial company subsidiary, BDO Network Bank, he remarked.
As the bank further grows its footprint in the country this year, BDO also has full-service branches in Singapore and Hong Kong.
In addition, it has 20 overseas remittance and representative offices in North America, Europe, the Middle East, and Asia.
Tan relayed that the BDO Group established 127 branches and banking offices.
From 1,307 in 2018 and more than 4,400 ATMs nationwide, this number of BDO facilities brings the total to 1,434 branches of the country’s largest lender all over the country in 2019, the head of the listed banking institution owned by the family of the late banking and retail magnate Henry Sy said.
BDO is undergoing continued efforts to support its lending activities. Furthermore, it is diversifying its funding sources.
The major Philippine financial firm is carrying out initiatives such as recently returning to the domestic debt market to fulfill its objectives.
In late-January, the bank successfully raised a record a P40.1 billion through the issuance of fixed-rate bonds.
Institutional and retail investors gobbled up the 2.5-year bonds that carried a yield of 4.408 percent per annum as the amount raised was eight-fold the original offering of P5 billion.
Tan affirmed that they are lengthening and diversifying their funding sources. He also said that they are supporting their business expansion agenda.
The top banker of BDO pointed out that the bank continues to periodically issue fixed-rate peso bonds and long-term negotiable certificates of deposits or LTNCDs in line with these plans.
As per the information posted on the official website of The Philippine Stock Exchange, Incorporated, the national stock exchange of the Philippines, BDO Unibank, Incorporated (PSE:BDO) closed on February 14, 2020 at P148.50 per share, down by 3 or 1.98 percent.
With a market capitalization of 663,795,246,261.00, the 52-week high of the bank is at P161.80. Meanwhile, its 52-week low is at P121.50.
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