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This early, the Philippine Veterans Bank (PVB) has already opened 10 new branches to beef up its network to 60 branches all over the country. The 10 new branches were actually opened simultaneously last January 18.

These new branches are located in Malolos, Bulacan; Pasay City; Santiago City, Isabela; Lipa, Batangas; Olongapo; San Pablo, Laguna; Kalibo, Aklan; Tagbilaran, Bohol; Pagadian, Zamboanga del Sur; and Koronadal.

Ricardo A. Balbido Jr., PVB president and chief executive officer said, “As a bank, increasing our branch network is the only way to grow the business and meet the growing needs of our customers and shareholders. Most of the locations are in key cities outside Metro Manila where we prioritize to establish our presence.”

In the last part of 2009, the bank opened five new branches in Luzon. It ended the year with close to P52 billion assets from its P45 billion in 2008; and P5 billion in capitalization. PVB said that most of its asset growth was funded by the increase in deposits. For this year, the bank hopes to achieve a growth target of 15% or close to P60 billion in total assets by yearend.

Aside from its branches, PVB is also boosting its ATM network. Last year, the bank increased its network by 25 machines making it a total 106 ATM networks nationwide. It also doubled its cardholder base to over 184,000 last year. most of these were payroll accounts and the number is expected to further rise this year.

PVB also plan to launch this 2010 a new long-term deposit product targeted at private depositors who are looking for premium rates for their money. “The banking public is more and more getting rate-conscious and sophisticated with their investment and savings option nowadays. These new products, which are coming out very soon, were designed to meet their needs,” PVB Branch Banking Group Head and executive vice president Jesus Vicente O. Garcia said.