GM Bank of Luzon raising capital, eyeing 10 new branches in 2011

Philippine Star – GM Bank of Luzon Inc., the newly consolidated rural bank based in Nueva Ecija, is still in the expansion mode.

And it is raising P40 million worth of Tier 1 capital to feed its appetite. In 2009, it raised P75 million in Tier 2 capital.

At the close of 2010, the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) gave then GM Bank Inc. the nod to consolidate with Bangko Luzon to form GM Bank of Luzon Inc.

The consolidation process resulted in a larger rural bank with a combined branch network of 35, among the largest in Region III.

“We will complete five branches by July this year, and immediately apply for five more,” Tomas S. Gomez IV, president and chief executive officer of GM Bank of Luzon, said. That could mean a complement of 45 branches by end-2011.

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