CHINA Bank Savings (CBS) is expanding its housing finance network through partnerships with three property developers, seeking to widen access to home loans as it taps residential markets outside Metro Manila.
The thrift banking arm of China Banking Corp. (Chinabank) formalized partnerships with Primeworld Land Holdings Inc., Raemulan Lands Inc. and Ciudades Development Corp. in October, covering projects in the Calabarzon and Central Visayas regions.
CBS Consumer Lending Group Head Kristine Michele C. Broadhurst said the bank was strengthening its relationships with developers to make home financing more accessible amid a challenging economic environment.
“We have dedicated teams on the ground building stronger relationships with developer partners to provide clients with accessible and responsive home financing solutions,” Broadhurst said.
She added that the partnerships would allow the bank to support the financing needs of clients purchasing properties from any of the three developers.
“We are fully aware of the challenges facing the economy today. But as I’ve said before, the dream of homeownership should be more accessible to more families, and it is our responsibility to ensure that financing and purchase options are available to help make that possible.”
The bank expects to announce additional developer partnerships in the coming months.
CBS President James Christian Dee said the initiative formed part of the bank’s broader strategy to expand its presence in the housing finance sector.
“It is no secret that demand for housing remains strong despite current economic conditions. The challenge is ensuring that the right types of housing developments are matched with the financing solutions Filipino families need, wherever they may be,” Dee said.
CBS serves educators, small and medium enterprises, salaried workers and retail customers through its nationwide network of 190 branches, 121 lending offices and branch-lite units, and 306 automated teller machines.
Shares of its parent Chinabank shed P0.90, or 1.84 percent, closing at P48.00 each on Friday.
