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Philippines' Robinsons Bank to open 14 branches in 2018

Manila-based Robinsons Bank Corp. plans to open more branches in 2018 as it seeks to expand its market reach, BusinessWorld reported July 4.

The bank will open 14 branches this year, 12 regular branches and two "branch-lite" units, CEO Elfren Antonio Sarte said in a text message to the publication. Branch-lite units are smaller versions of regular bank branches that operate in underserved areas.

Robinsons Bank has 149 branches across the Philippines.

The bank will also open a merchant acquiring business. A merchant acquiring bank can process credit and debit card transactions of a merchant. The move will take advantage of the retail footprint of the Gokongwei group, the group under which bank's main shareholders, JG Summit Capital Services Corp. and Robinsons Retail Holdings Inc., belong to.