RP bank plans expansion

RP bank plans expansion

MANILA (AFP): Newly revitalized Westmont Bank, boosted by 40 percent equity from Malaysia's Samanda Holdings Bhd., yesterday announced plans to expand its operations in Southeast Asia.

Bank chairman Muhammad Ghazali Bin Shafie said the expansion is to start with the establishment this year of an offshore banking unit in Malaysia's Labuan island, part of a proposed growth area covering the Philippines, Malaysia, Indonesia and Brunei.

It will also strengthen its local network by adding a further 45 branches to the existing network of 32, focusing on retail operations with small- and medium-scale businesses.

"We don't intend to immediately compete with big-ticket clients," Westmont Bank president Edgardo Espiritu said.

Samanda Holdings, a member of the Westmont Group of Malaysia, acquired 40 percent the bank, formerly known as Associated Bank, last month under a rehabilitation plan approved by the Philippines' Monetary Board.