IBM Global Financing, the lending and leasing business segment of IBM today announced that the Philippine Resources Savings Bank (PR Savings Bank), the country’s fourth largest independent thrift bank, will adopt its financing solution to fund the acquisition of core banking software and hardware infrastructure.
PR Savings Bank began as a rural bank on May 12, 1977, and was recently upgraded to a savings bank by the Bangko Sentral ng Pilipinas (BSP) in August 2011. The bank focuses on providing loan facilities to foster modernization and increased production in the country’s agricultural sector. PRSB also provides financial services to workers and small-to-medium-sized enterprises in rural areas of the Philippines to promote inclusive growth. PR Savings Bank is now the fourth largest independent savings bank in the Philippines in terms of total assets.
IBM will support PR Savings Bank in achieving its corporate development growth plan with a 3-year financing of computer equipment and software. The solution will help PR Savings Bank to meet its long term financial targets and will enable the bank to prioritize core revenue generating activities such as agribusiness loans, microfinancing, and salary loans. The bank has embarked in an expansion effort by introducing more products and establishing more branches to provide greater financial access to countryside communities. IBM Global Financing will help PR Savings Bank to invest in its strategic initiatives and build the systems that will help it attract customers, develop revenue-generating opportunities, and optimize operations.
IBM Global Financing offers a full range of financing options that can be implemented quickly and easily. It helps credit-qualified clients acquire the IT solutions in the most cost-effective and strategic way. The variety of IT payment options help companies address their unique requirements, while helping to manage cash flow and assets. It provides a one-stop financing for IT hardware, software and services, from IBM as well as other vendors, across the IT lifecycle to support information technology investments – from acquisition through disposition.
“IBM has been delivering business value to banking clients in the Philippines for more than seven decades. We are excited and honored that IBM will support the funding strategy of one of the largest savings banks in the country. We are glad to add them in the portfolio of many global and local banks that we serve,” said Luis Pineda, President and Country General Manager, IBM Philippines. “Access to IBM’s financing expertise will enable PR Savings Bank acquire the latest technological solutions and services for them to grow, transform, and innovate – helping their vision become a reality.”
Key technology enablers of PR Savings Bank also include Temenos, a market leading banking software provider, and Questronix, a key IBM business partner and systems integrator.
“We have been working with IBM and Questronix for a number of years, and they provided us with the IT infrastructure to reach out to a wider market. Today, with Temenos joining us as a new partner, we aim to keep expanding to more areas in need of financial services, and fulfill our goal of promoting inclusive growth throughout the country,” said Roberto P. Alingog, President and Chief Executive Officer, PR Savings Bank.
PR Savings Bank acquired the award-winning core banking software, T24, by Swiss software developer Temenos Group AG. It will run T24 Model Bank on powerful UNIX servers and hardware supplied by local IBM Premier Business Partner, Questronix Corporation. The acquisition of all software and hardware infrastructure will be funded by a three-year financing plan from IBM’s lending and leasing business segment, IBM Global Financing.
This marks a significant milestone in PR Savings Bank’s continuing push towards improving its products, services, facilities, and reach through robust IT initiatives. These developments will help PRSB accommodate its growing clientele and continue expanding its branch network nationwide. PR Savings Bank plans to offer new products and services and open more distribution and delivery channels to its customers, even in the e-commerce market, with efficient online and mobile banking systems.
The growth of the Philippine economy has been touted as among the fastest in the ASEAN region. Driving innovation in PR Savings Bank and similar financial institutions enable citizens to have greater access to financial services.