BIZ BUZZ: Competition? Bring it on, CBS says
China Bank Savings (CBS) prides itself as the country’s top thrift bank. But its president, James Dee, reiterated that the ultimate goal is serving the unserved and underserved market to further financial inclusion.
As such, Dee said they were happy with the entry of BDO Network Bank into the same space.
After all, both companies are under the SM Group.
“We are happy to welcome them into the thrift banking space as there is a real need for more players to service the financial needs of the unbanked,” he said during the company’s annual stockholders’ meeting on Thursday.
“Our company vision to become the leading savings bank preferred by the markets we serve is rooted in service. But that goal is secondary to fulfilling the mandate given to us by the BSP (Bangko Sentral ng Pilipinas) of providing financial services to all Filipinos,” he added.
Dee said more players would only improve both competition and cooperation in the industry, making the consumers the real winners as a result.
