FICOBank Gets Approval of BSP on Its Five Extension Offices

The Bangko Sentral ng Pilipinas (BSP) has approved on March 2, 2010 the request of FICOBank for authority to establish an extension office in Tuguegarao City, Cagayan and convert its existing field offices in Ilagan and Echague (Isabela), Bambang (Nueva Vizcaya), and Diffun (Quirino) into extension offices.
 
Through the Central Applications and Licensing Group of BSP, FICOBank easily got the nod of the Monetary Board inasmuch as, at the date of application, it has: (i) complied with the minimum capital requirement; (ii) risk-based capital adequacy ratio of 23.03 percent; (iii) CAMELS composite rating of “4”; (iv) risk management system appropriate to its banking operations; and (v) no major supervisory concerns on safety and soundness.

As per BSP Circular No. 624, series of 2008, entitled Amended Branching Policy and Guidelines, “Extension Office shall refer to any permanent office or place of business in the Philippines other than at the head office or a branch, where deposits are accepted and/or withdrawals are serviced by tellers or other authorized personnel. It shall be treated as a branch…”

The Tuguegarao, Ilagan, Echague, Bambang and Diffun extension offices will be directly attached to Solana, Roxas, Jones, Solano and Maddela branches, respectively. After the formal opening and assignment of a BSP bank code for each of these extension offices, FICOBank will immediately apply for authority to convert its remaining four field offices in Aurora, Cabagan, San Mateo and Tumauini—all in the province of Isabela—into extension offices.

With the inclusion of Tuguegarao Extension Office, FICOBank has now a total of 27 banking offices operating in Northeast, Northwest and Central Luzon. Sure enough, this will leverage the distribution strength and leading position of FICOBank in the financial market.