Alex Buenaventura, President of One Network Bank, answers question from journalists during a news conference on Thursday, May 5, 2011 in General Santos City. With are Nelson Billena, General Santos City branch banking group head; and Danilo Dizon, cluster head for South Cotabato, Sarangani and General Santos City. (Photo by Cocoy Sexion)
GENERAL SANTOS CITY, Philippines (Mindanao Examiner / May 5, 2011) – One Network Bank, the Philippines’ largest rural bank, continues to expand as it grew by P2 billion at the end of the first quarter of this year.
At present, the bank is the country’s second biggest rural bank in terms of capital. By the end of next year, ONB’s capital is projected to match the P2.4 billion - the minimum capital required of Commercial Banks and by then, it may opt to convert to become a commercial bank.
The continuous increase in capital started in April 2004 when ONB was consolidated involving 3 big rural banks in Mindanao - Rural Bank of Panabo, Network Rural Bank and Provident, and the Rural Bank of Cotabato.
Alex Buenaventura, ONB President, said the bank will continue to serve even in the farthest part of Mindanao where no other banks operate.
At present, One Network Bank has 81 branches in Mindanao and is planning to open more in rural areas and a future expansion in the Visayas and Luzon. “We will be the largest producer of commercial banking services in the country,” he said.
The Davao City-based ONB boasts of over P10 billion in assets with more than half a million depositors in the southern region.
In a news conference on Thursday, Buenaventura answered questions by journalist over the bank’s remarkable successes. He said they remain true to the ONB’s business philosophy “Pera ng Mindanao, Para sa Mindanao.”
The bank also has two branches in Sarangani’s Malungon and Glan towns and Regina Antalan, Glan’s ONB branch manager, assured that their automated teller machines would be available for banking transactions 24 hours a day, especially during the province’s much awaited event the Sarangani Bay Festival on May 19-21.
Among those in the press conference were Nelson Billena, General Santos City branch banking group head; and Danilo Dizon, cluster head for South Cotabato, Sarangani and General Santos City. (With reports from Geo Solmerano and Cocoy Sexion)