Propelled by aggressive business moves of the small and medium enterprises (SME), a subsidiary of one of the biggest banks in Taiwan planned to open one more branch in Mindanao, “indicating profitable industry” for the SME sector in the country.
Joy Uyking Guillergan, relationship head of the Chinatrust (Philippines) Commercial Bank Corp., told a business media forum at the Marco Polo Hotel that the branch in Cagayan de Oro City would be put up either late this year or in the first quarter of next year.
The planned branch would be the second in Mindanao and the 24th in the country, after it began operating in 1995. It put up its branch in Davao City in 2006.
Anna Liza Cuezon, the bank’s business head, said its planned expansion “only indicates that the small and medium enterprises are really doing good business in the country, and many of them comprise the bulk of our clients.”
“It would also indicate that our bank has not been affected by the global financial crisis,” she said.
The bank has offered the lowest lending rate in the industry, at 3.5 percent, when prevailing industry rate is between 8.5 percent and 12 percent.
The bank is a subsidiary of the Chinatrust Commercial Bank Corp., the largest and most awarded private commercial bank in Taiwan and was included in the list of top 200 biggest banks in terms of capital.