BPI to consolidate 13 Robinsons Bank branches in October

The Bank of the Philippine Islands (BPI) is set to close down 13 branches of the former Robinsons Bank in October as the Ayala-led lender continues with its branch rationalization program and is set to push through with its expansion through agency banking.

According to BPI head of consumer banking Maria Cristina “Ginbee” Go, the bank ended June with 865 branches. This includes 157 branches of the former Robinsons Bank, of which 13 will be consolidated in October.

“We are optimizing and rationalizing in the sense that we are closing some branches that are too near each other and then opening new branches in areas where we’re undersaturated or underservicing,” she said in an interview in Makati City.

Go said among the new openings are in lifestyle district Azuela Cove in Davao and in Vermosa estate in Cavite, which were developed by Ayala Land.

The bank had previously cut its branch network to less than 800 branches, but this grew when BPI merged with the Gokongwei family’s Robinsons Bank at the start of 2024.

“When we had Robinsons Bank, when we merged, it increased the branches again, so we went back to 865 branches,” she said, but noted that the company will continue to push through with its rationalization program.

BPI is also leveraging the retail presence of the Gokongwei group through agency banking, covering Robinsons Retail outlets and The Generics Pharmacy across the country. The lender is also set to team up with more partners, with one brewing in Cebu.

 The company closed the second quarter of 2024 with a P15.30-billion net income, reflecting a 0.3% growth quarter-on-quarter, as net interest income climbed 5.2% to P31.41 billion and net revenues by 5.4% to P41.65 billion.

First-half earnings climbed 22% year-on-year to P30.56 billion, as net interest income rose by 22.2% to P61.25 billion and net revenues by 23.8% to P81.18 billion. — VBL, GMA Integrated News