With a wider and expanded network, Aboitiz-owned PETNET is seen to boost CitySavings' loan portfolio as the thrift bank's accredited service provider.
CitySavings President and CEO Catalino Abacan earlier shared that the UnionBank thrift arm is the market leader in teachers' loan with a market penetration of about 50%. "CitySavings is focused on ‘digitalization, partnerships – with the likes of PETNET' to expand its loan portfolio with its 2,000 to 3,000 offices all over the country. We don't need to open branches, we will tap their desks and offices", Abacan further mentioned in a press interview.
PETNET President Lorenzo Ocampo on the other hand said it has at least 2,100 branches nationwide, 400 of which is company-owned. They plan to increase the latter to 750 by year 2020 with expansion areas to include Mindanao as it remains underserved.
As CitySavings' accredited service provider, PETNET can do loan facilitation, marketing, data capturing of a customer's pertinent data and facilitate remittance.
The local remittance firm also unveiled its new retail brand, Pera Hub, last May 19 at Dusit Thani Manila, to its business partners and stakeholders. The firm saw a lot of changes and developments in 2015 including the majority ownership acquisition of Aboitiz Equity Ventures, Inc. (AEV).
The re-brand aims to better communicate the nature of the company's services to better serve the growing market. The Pera Hub brand signifies their competitive edge as a one-stop shop which includes Pera Loan, Pera Palit, Pera Travel, Pera Pay, Pera Protect, Pera Load and Pera Remit. The 17 year old company is the largest agent network of Western Union in the Philippines as well. --- with press release references to BusinessWorld's "PetNet seen to boost City Savings Bank's portfolio" dated May 23, 2015 and PETNET's "Aboitiz majority-owned local remittance firm, PETNET unveils new brand name