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November 28, 2023

Rural bank bags microfinance international award

Rural bank Country Builders Bank (CBB) was crowned the country’s “Best Micro Finance Bank” for 2023 by Global Banking & Finance Review, a magazine based in the United Kingdom.

Bankero and CBB President Mike Sandig said on Saturday that the international award recognizes “the bank’s efforts to change the business model of micro-lending by making it more inclusive, open, and accommodating.”

Sandig added that they are veering away from the traditional model, which he described as being more stringent and tedious, requiring more documents and longer processing time.

This setup excludes customers, especially those with no prior banking experience, according to Sandig.

The magazine award recognized banks and other financial institutions that have “the innovation, achievement, strategy, progressive and inspirational changes taking place within the global financial community.”

The award specifically recognizes the bank’s innovative approach to micro-lending, the bank president said.

CBB serves micro, small, and medium enterprises, as well as agricultural businesses. The bank also serves businessmen, professionals, teachers, vendors, and government and private employees.

The CBB was formed from the consolidation of the Country Rural Bank of Taguig and Builders Rural Bank in 2012.

Similarly, CBB merged with First Macro Bank, another rural bank, in 2017. CBB was the surviving entity.

The bank currently operated 33 branches in Metro Manila, Cavite, Laguna, Rizal, and Bulacan.