The Bangko Sentral ng Pilipinas (BSP), the central bank of Philippines, has granted permission to 15 banks to open more than 86 bank branches in the country as part of its footprint-expansion strategy.
The apex bank approved banks’ application through its circular letter CL-2014-036, and asked the concerned lenders to set up the branches as planned within a period of 90 days, as reported by businessmirror.com.
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Under the approval, Security Bank will come up with 12 offices, while Metropolitan Bank & Trust Co will establish nine bank branches.
Furthermore, Asia United Bank and Banco de Oro Unibank, both will open five branches each, according to the publication.
BSP allowed the Philippine Business Bank to open 21 new branches, while 1st Valley Bank obtained permission to set up four branch approvals, during the period.
Additionally, Rizal Rural Bank has been granted permission to open 18 new branches, while Rural Bank of Canlubang Planters will open four bank offices.
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