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  • Writer's pictureBy The Financial District

BSP Approved 3 Regular Branches In Q1

The Bangko Sentral ng Pilipinas (BSP) is approving less and less regular branches of banks and more of streamlined units with limited banking services amid the industry’s changing landscape.


For the regular branches, Fonacier said they approved China Banking Corp. subsidiary China Bank Savings Inc.’s application to set up two regular branches in Dumaguete City and Tagbilaran City. I Photo: China Bank Savings



In the first quarter this year, BSP Deputy Governor Chuchi G. Fonacier said the Monetary Board granted regular branch approvals only to three banks, of which two are thrift banks and one rural bank.


There were no approved applications for regular branches from the universal and commercial banks, also known as the big banks.



In comparison, there were 75 branch lite units (BLUs) approved in the January to March period this year, from five rural banks that applied for the units.


For the regular branches, Fonacier said they approved China Banking Corp. subsidiary China Bank Savings Inc.’s application to set up two regular branches in Dumaguete City and Tagbilaran City.


Banking & finance: Business man in suit and tie working on his laptop and holding his mobile phone in the office located in the financial district.

As of end-July this year, the BSP is supervising 45 big banks, 43 thrift banks, 373 rural banks, and 22 cooperative banks. At present, there are 12,878 bank branches in the country, of which 7,159 are operated by the big banks, 2,577 by thrift banks, and 3,142 by rural and cooperative banks.





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