Bank of the Philippine Islands, the fourth-largest lender in terms of assets, is acquiring a minority equity stake in Laguna-based Rizal Bank Inc., a member institution of CARD Mutually Reinforcing Institutions.
Rizal Bank is a micro-finance oriented bank with over 120,000 clients served nationwide. BPI said in a disclosure to the stock exchange Tuesday the partnership made the universal bank the exclusive local equity partner in CARD MRI Banking Group, and deepened the bank’s reach in the microfinance space, benefitting more unserved and underserved Filipinos.
“BPI’s partnership with RBI reaffirms BPI’s vision to be the leading bank with strong focus on financial inclusiveness and sustainable growth. RBI’s emphasis on forging trust and building relationship with its clients is aligned with BPI’s own customer-centric efforts,” BPI president and chief executive Cezar Consing said in a statement.
CARD MRI is a group of social development organizations founded on Dec. 10, 1986. It aims to improve the quality of life of socioeconomically challenged families and to eradicate poverty in the country.
Its 14 institutions specialize in microfinance, microinsurance, business development, education, information technology, pharmacy, and community development.
CARD MRI as of June 2016 has served over 3.6 million clients across the Philippines. Rizal Bank Inc., a member institution of CARD MRI, is a microfinance-oriented rural bank established in May 1996.
Information on its Web site showed that the head office of Rizal Bank Inc. is located at Barangay Poblacion II, Sta. Cruz, Laguna.