Wealthbank Posted 80% Growth
Cebu’s economic climate, for the most part, is spared from the continuing political crisis in the country. Economy in the province, in general, is doing well based on the performance of its banking and financial sectors. It is the financial and banking industry that sends telltale signs whether the economy is failing.
And according to financial reports from most banks in Cebu, the province’s economy is doing quite well. One such bank that has attested to the positive growth of our ecnomy is Wealthbank. In its annual reports, its assets and deposits grew by more than 80 percent in 2005. Its growth was largely attributed to the increasing patronage and confidence on its products from its growing clients.
According to a bank official, their products are especially designed to serve the small and medium enterprises (SMEs) and low-income earners who can’t afford to shoulder the ultra-high cost of opening an account and balance maintenance in bigger banks.
The bank’s growth is a manifestation of the healthy economy of the province
For a Wealthbank account to earn interest, the bank requires a minimum balance of only P500. But one can open an account for just P200. Wealthbank is the banking arm of the Metro Gaisano group of companies in Cebu.