BDO to open 70 more branches, mostly outside NCR this 2017

Philippines’ biggest bank BDO of the SM Group is set to open 50 to 70 more branches this 2017.

In a press briefing held in Makati City, Henry Sy’s BDO is looking to expand by putting up more branches mostly outside the National Capital Region. “We are seeing more investments particularly outside NCR so out outlook is a little more optimistic now,” said BDO President and CEO Nestor V. Tan.

As reported in the InterAksyon article, BDO has completed its ‘P60-billion common stock rights offering’ the largest ever common equity capital raise from PH market. According to Tan, these brisk economic activities are attributed to the resurgence of cities outside NCR, fueled by Overseas Filipino Workers (OFW) remittances and revenues from the Business Process Outsourcing (BPO) industry.

Just this month, Bangko Sentral ng Pilipinas (BSP) has released the data that shows the Total Assets for Universal and Commercial Bank Group, wherein BDO retained its spot as the largest bank in the country.

Source: InterAksyon, GMA Network