CBS welcomes rivalry in thrift

China Bank Savings (CBS), the retail lending arm of the SM Group's China Banking Corporation, sees enough room for competition in the thrift banking segment, even from BDO Network Bank, as it continues to post strong earnings growth.

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In a chat with media after the bank's annual stockholders' meeting, CBS President James Christian T. Dee pointed out that BDONB and CSB are both part of the SM Group, “so we actually welcome the entry of BDO Network Bank.”

“And, knowing BDO, I won't be surprised if they will be growing much, much faster over the next few years. But this is actually a welcome development for thrift banks,” he added.

Dee explained that “the thrift banking space is not as big as the commercial banks. So we do actually want stronger and more stable players to come in to make thrift banking more accessible to the unbanked.”