BANK of the Philippine Islands (BPI) targets to further increase its assets under management (AUMs) this year, an official said on Tuesday.
BPI Wealth President and Chief Executive Officer (CEO) Maria Theresa D. Marcial told reporters on Tuesday that they are targeting an additional P20 billion in AUMs by yearend.
This, after its AUMs reached P1.14 trillion at end-June, already breaching its P1-trillion target for the year.
“That’s a significant milestone for us. We continue to grow faster than the industry across the different segments,” Ms. Marcial said.
“Given the current macroeconomic landscape, we are quite constrictive about markets. I think we are seeing a softening in the inflation rate. Most markets, while they still debate on the… Fed interest rates, I think we are nearing the peak of the hiking cycle, which means it offers a lot of opportunities to invest across all asset classes,” she added.
She added that foreign investors are showing more interest in the Philippines amid the improving macroeconomic climate.
BPI previously said they are aiming to grow their AUMs to P3 trillion by 2026.
Meanwhile, BPI Wealth will be rebranded to BPI Private Wealth, Ms. Marcial said.
The rebranding will include the introduction of the BPI Private Wealth Signature Experience, which offers bespoke solutions for high-net-worth clients through foreign and domestic investment solutions.
“We have a subsidiary in Hong Kong which allows us to access offshore investment opportunities, and soon, we will also launch a subsidiary in Singapore,” Ms. Marcial said.
Meanwhile, BPI President and Chief Executive Officer Jose Teodoro “TG” K. Limcaoco said at the same event that with the Bangko Sentral ng Pilipinas (BSP) seen to cut its policy rate from the current near 16-year high of 6.25% in the near term, they are looking to increase their market share and expand their loan book to help offset the impact on their interest margins.
“To do that, we need to focus on digitalization, continue to roll out our apps both on the retail side, private banking side, and the corporate side. In particular also, we have made a big effort in what we call agency banking,” he said.
The mission of agency banking is to onboard new customers through the introduction of products and services by partnering with retail stores, Ms. Limcaoco said.
BPI Senior Vice-President and Agency Banking Head Jose Raul E. Jereza told reporters at the same event on Tuesday that the bank is looking to expand to 5,000 to 6,000 partner outlets by the end of the year. As of Tuesday, BPI had 1,480 partner outlets.
“We are making banking accessible to the general public,” Mr. Jereza said. “The next is allowing them to accept deposits and withdrawals via tech. You don’t have to go to the branch. The purpose of agency banking is to embed ourselves into your daily lives. Banking won’t be a chore anymore.”
BPI saw its net income rise by 4.5% year on year to P13 billion in the second quarter as its revenues grew.
The bank’s shares closed unchanged at P114.50 apiece on Tuesday. — A.M.C. Sy
