Country Builders Bank (CBB) has been named the Best Micro Finance Bank in the Philippines for 2023 by the London-based Global Banking & Finance Review.
CBB president Mike Sandig said Global Banking & Finance recognized the lender for its effort to change the business model of micro-lending by making it more inclusive, open, and accommodating.
This, he said, differs from the traditional model which is more stringent and tedious as it required numerous documents and longer processing time, thus excluding many customers especially those with no prior banking experience.
CBB not only provided loans to microfinance clients but helped improve their financial literacy by teaching them to manage their finances, recognizing that most microfinance customers are unbanked and had little formal education.
Sandig welcomed the recognition saying it is a testament to the bank’s innovative approach to micro lending.
He added that bank employees will be inspired to do even better now that the bank is recognized as the best in its category in the Philippines.
CBB has 33 branches serving parts of Metro Manila, Cavite, Laguna, Rizal and Bulacan areas. It plans to pursue an aggressive branch expansion program in the coming years.
It serves a broad and diverse clientele including micro, small and medium enterprises (SMEs), agricultural businesses, teachers, vendors, government, and private employees.
Global Banking & Finance said the Awards give recognition to companies of all sizes, which are prominent in particular areas of expertise and excellence within the financial world. Thus, the Awards recognize banks and financial institutions across the globe, from Indonesia to as far as Cape Verde in Africa.
The Awards recognize banks and financial institutions that reflect “the innovation, achievement, strategy, progressive and inspirational changes taking place within the global financial community.”
For this year’s Awards, CBB is one of only two recipients from the Philippines. The other awardee is Yuchengco-owned Rizal Commercial Banking Corp. (RCBC), which was recognized as Best Retail Bank Philippines 2023 and Best Commercial Bank Philippines 2023.
