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MANILA, Philippines - Shareholders of United Coconut Planters Bank (UCPB) on Wednesday approved the extension in the lender's corporate life by another 50 years.
In a statement, UCPB said the extension would "allow it to pursue its pioneering efforts in the banking industry and its key role in countryside development."
The bank is eyeing higher profits this year through the use of technology-driven products, and the expansion of its lending, remittance, and other fee-based businesses.
"With the extension of the bank’s corporate existence now a certainty, it can sustain its growth momentum towards becoming a bigger and stronger financial institution," said Jeronimo Kilayko, UCPB president.
The bank plans to open five branches, widening its branch network to 193 by the end of this year.
UCPB ended 2011 with a 25 percent growth in its net income to P3.05 billion. Loans also grow 13.4 percent to P57.5 billion last year.
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