Salmon disrupts rural banking with startup strategy for Rural Bank of Sta. Rosa

Salmon Group has disrupted rural banking with its startup strategy model for Rural Bank of Sta. Rosa by strengthening the capital base and accelerating digitalization to drive financial inclusion.

Salmon co-founder and Rural Bank of Sta. Rosa Chairman Raffy Montemayor emphasized the importance of sustainable financing and digital transformation to enhance the bank’s products and services and improve customer experience.

“We are injecting fresh capital to Rural Bank of Sta. Rosa has become a robust financial institution by attracting notable investors such as the International Finance Corp. (IFC), Singapore-based venture capital fund manager NorthStar Group and Abu Dhabi sovereign wealth fund ADQ,” Mr Montemayor revealed. “The last investment we received from IFC last May was $7 million,” he added.

The capital injection increased the banking assets of Rural Bank of Sta. Rosa rises 1,075% from P32.8 million to P385 million. The bank’s total deposits increased by 439% from P82 million to P440 million, and bank loans increased by 648% from P54 million to P400 million as of the end of May.

Mr. Montemayor emphasized the role of technology in the development of Rural Bank of Sta. Rosa’s products and customer experience to expand its customer base beyond its physical locations.

“We plan to launch our mobile app and debit card within a year, subject to Banko Sentral ng Pilipinas (BSP) approval to reach customers,” Mr. Montemayor said.

Offering a competitive interest rate on term deposits of 8.88%

The National Bank of Sta. Rosa offers a competitive interest rate of 8.88% for term deposits above P500,000, which is especially beneficial for those in Sta. Rosa and local residents. For term deposits of P50,000-P500,000, the bank offers an interest rate of 6% for 12 months.

Mr. Montemayor said the offer of 8.88% term deposit rate from Rural Bank of Sta. Rosa has no catch or promo period.

“Earning our competitive interest rate of 8.88% is easy. Simply deposit more than P500,000 up to a maximum of P50,000,000. There are no hidden costs or complex requirements,” he said.

To take advantage of the 8.88% offer, simply visit or call the following locations:

• Headquarters: Stand. Rosa, Laguna (F. Gomez St., Poblacion, Barangay Malusak, City of Sta. Rosa, Laguna 4026). Contact Edward Daniel A. Dela Cruz at (049) 534-1126 or 0997-952-7783.

• Branch: Bacoor, Cavite (Evangelista Street, Barangay Daang Bukid, Bacoor, Cavite 4102). Contact Arthur Castor at (046) 434-6197 or 0955-861-7848.

Mr. Montemayor also announced the plan to add new physical branches that will be located in Metro Manila, Cebu and in Mindanao either in Davao or Cagayan de Oro.

About the Salmon Group Ltd.
Salmon Group consists of Salmon Group Ltd. and its subsidiaries in the Philippines, including Sunprime Finance, Inc. and the Rural Bank of Sta. Rosa (Laguna), Inc., founded in 1963. The Group is committed to expanding financial inclusion by providing customers with advanced, customer-centric, AI and data-driven banking and financial services. It is on a mission to empower customers underserved by traditional banks in Southeast Asia and is backed by world-class shareholders including International Finance Corp., Abu Dhabi’s sovereign wealth fund (ADQ) and other leading international and Philippine investors.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to build their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld website. For more information, please email online@bworldonline.com.

Join Viber on https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and receive exclusive content www.bworld-x.com.