The One Network Bank Inc. (A Rural Bank), or ONB, will be opening five micro-banking offices (MBO) in the greater Davao City area within the next few months.
Last month, the Bangko Sentral ng Pilipinas (BSP) approved the ONB request for five MBOs in Davao City “pursuant to BSP Circular No. 694 dated Oct. 14, 2010.”
The five MBOs will be located in Brgy. Catalunan Grande, Brgy. Cabantian, Brgy. Bunawan, Brgy. Sasa and Piapi (to be replaced by another location in Sandawa), all within Davao City.
The total estimated capital expenditure (capex) for the five units is P4.17 million or roughly P834,000 each. This represents cost of leasehold improvements, furniture and equipment on a rented five meters by six meters commercial stall space.