Wednesday 18 September
Feb 18, 2016 @ 17:27

Lance Gokongwei has no plans to quit banking, eyes UCPB for expansion

 

Bilyonaryo Lance Gokongwei says the family?s commitment to stay in the banking business is rock solid.

In an interview with Cathy Yang on ANC, Gokongwei said the group has no plans to exit the banking business despite cutthroat competition.

?We want to remain in banking,? Gokongwei said.

The Gokongwei family?s Robinsons Bank Corp. has been aggressively expanding its reach across the country to take advantage of a growing economy.

For this year, Robinsons Bank budgeted P182.5 million for the construction of 20 new branches and relocation or renovation of existing ones.

Robinsons Bank wants to have a total of 200 branches by 2020.

The expansion is aimed at growing its asset base fourfold through equity infusion as well as acquisitions.

The Gokongwei-owned lender is considering bidding for the United Coconut Planters Bank, the country?s 12th?biggest bank with more than 200 branches and more than P250 billion in assets.

As of the end of December last year, Robinsons Bank had 112 branches, mostly located in restricted areas.

?I think size is critical because the cost of competing has increased.

That?s why our group is committed to further build our presence in the banking business,???Gokongwei said.

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