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Manila Bulletin devider Business devider Banking & Finance devider Landbank opens branch-lite unit in Cebu

Landbank opens branch-lite unit in Cebu

Published Dec 25, 2023 05:58 am

Government-owned Land Bank of the Philippines (Landbank) has recently opened a new branch-lite unit (BLU) in New Liloan Public Market in Barangay Jubay, Cebu.

A BLU is a smaller version of a full-sized bank with limited services and operations.

In a statement, the bank said the Liloan BLU will service 31 combined barangays including the town of Compostela. The BLU is particularly helpful in that clients will not have to travel 30 minutes to reach the nearest Landbank branches in the municipality of Consolacion and cities of Danao and Mandaue.

“With the opening of the LANDBANK Liloan Branch-Lite, we are enthusiastic about further enhancing our support to Liloan. We hope to draw more investors to the town and help fast-track sustainable growth for all,” said bank president and CEO Lynette V. Ortiz.

The new BLU has an automated teller machine (ATM) and a digital corner where clients can open a deposit account in 15 minutes or less using the Landbank Digital Onboarding System (DOBS), said the bank.

Presently, Landbank operates 27 branches and BLUs, and two lending centers across Cebu. They also have 143 ATMs, five cash deposit machines and 19 LANDBANKasama agent banking partners in 59 point-of-sale or POS terminals to service underserved communities in the province.

Clients can also do cash withdrawals in 173 ATMs located in 7-Eleven convenience stores across the province, in partnership with Pito Axm Platform Inc.

Ortiz said Landbank will continue to support Cebu’s inclusive and sustainable development in Liloan by extending financial support for priority projects such as in the tourism sector.

Landbank is the only bank present in all 82 local provinces with 606 branches and BLUs and 59 lending centers.

BLUs have limited activities compared to regular branches which are full-sized banks, mostly traditional brick-and-mortar branches or contained within a building and offers full banking services.

While BLUs have limited banking services, it could provide a wide range of products and services suited for servicing the needs of the market except for sophisticated clients with aggressive risk tolerance.

Landbank is the country’s second largest universal and commercial bank. As of end-September, it posted a net income of P31.85 billion, up 24 percent from P25.7 billion in 2022. 

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