CARD SME Bank opens first Mindanao branch

CARD SME Bank, the thrift bank of CARD Mutually Reinforcing Institutions (CARD MRI), opened its doors to Mindanaoans on Tuesday as part of its thrust of growing the Philippines to be a country that is more financially inclusive.

The first Mindanao branch, located in Upper Acharon, Brgy. Calumpang, General Santos City, is the 17^th branch of the bank. “Our concentration this year is to open more branches in Mindanao, Visayas, and Northern Luzon,” said President and CEO Aristeo Dequito.

The bank is focused on reaching the micro, small, and medium enterprises in the country. “Reaching and focusing on this market will enable us to significantly realize our goal of eradicating poverty in the Philippines,” Dequito added.

The bank’s initial clients will be at least 2,300. These initial clients are the matured, good and prime clients of CARD, Inc. who are ready for formal banking. CARD, Inc. is one of the member institutions of CARD MRI that offers financial and nonfinancial services to low income households, and eventually prepares its clients for formal banking system.

Apart from these transitioned clients, according to Dequito, CARD SME Bank is open to all who want to avail themselves of its products and service.

Dequito emphasized that CARD MRI envisions to establish a bank that is owned by its clients. “We have transitioned millions of our clients to formal banking. Yes, we already realized what we envisioned thirty years ago but we have to keep going, we still have to reach more socioeconomically challenged families in the country,” added Dequito.

CARD MRI acquired the Rural Bank of Sto. Tomas (RBST), now the CARD SME Bank, in 2007. According to Dequito, its few years of operations are concentrated in the Calabarzon areas. “Armed with our thrust and the experiences we have championed, in 2015, we opened branches outside our comfort zone,” Dequito added.

To date, CARD SME Bank’s operations reached the areas of Dagupan, Bulacan, Subic, Bataan, Naga, and recently in Lapu-Lapu, Cebu, which is the first in the Visayas region. The bank currently serves more than 320,000 clients.

Dequito disclosed that the bank will open other branches in Mindanao next year – in Sarangani and Cagayan de Oro.

During the opening, Dequito said that they are ready to release bigger loan amounts especially for its clients needing more loans that cannot be addressed by other commercial banks.

“We have reviewed and to some extent streamlined our process to best fit the needs of our clients,” said Dequito adding that the tedious process of availing loan is one of the common issues among micro, small and medium entrepreneurs.

CARD MRI has four financial institutions that vary according to the services it offers. For CARD SME Bank, one client can avail of a loan as low as thousands and as high as millions with a competitive interest rate.

Car loan, housing loan, and business loan for as high as millions are among the services that enticed the clients at the opening.

Other than the financial services it offers, CARD SME Bank, through the subsidiaries of CARD MRI, also extends services such as microinsurance, health and education programs, trainings, and other capacity-building services for its clients.

CARD MRI management, staff, and clients were present during the opening. Some representatives from the local government of General Santos City also graced the ceremony and extended their congratulations and gratitude for considering the city to be the home of CARD SME Bank.

After the opening, at least a hundred of clients flocked in the bank and started opening accounts.