Top Business News

Gokongwei bank open to acquisition of another bank
[BUSINESSMIRROR]ROBINSONS Savings Bank (RSB), a wholly owned subsidiary of publicly listed conglomerate JG Summit Holdings Inc., intends to expand its network by putting up more branches or acquiring another bank.
Chief executive officer Reynold Gerongay said on Thursday the bank was aiming to expand to more than 50 branches by the end of this year from 46 at present.

Metrobank’s investment-banking arm eyeing trust business
[BUSINESSMIRROR]FIRST Metro Investment Corp. (FMIC), the investment-banking arm of the Metrobank Group, is seeking to expand its operations to include trust business.
The unit on Wednesday said its board had approved the amendment to its articles of incorporation and bylaws to redefine its primary purpose to include the conduct and business of a trust corporation.

ABS-CBN focuses on cutting costs
[ABS-CBNNEWS]MANILA - Media giant ABS-CBN Broadcasting Corp. has maintained a conservative stance amid the bleak economic environment as it focuses on reducing costs and improving profitability this year.
According to ABS-CBN Chief Financial Officer Rolando Valdueza, the company targets to book P1 billion in savings from cost-efficiency measures by 2010.

IPVG sells data center in Singapore
[ABS-CBNNEWS]Publicly listed IPVG Corp., through its wholly-owned subsidiary IP Converge Data Center Inc., has agreed to sell its data center business in Singapore to Elington Pte Ltd.
In a disclosure to the Philippine Stock Exchange, IPVG said IP Converge Data has signed an agreement with Elington for the sale of 100 percent of IP-Converge Pte Ltd for an undisclosed amount. The unit was incorporated in Singapore to engage in data center services.