Salmon Group has changed rural banking for the Rural Bank of Sta. Rosa by boosting its capital and speeding up digital services to promote financial inclusion.
Raffy Montemayor, co-founder of Salmon and chairperson of the Rural Bank of Sta. Rosa, stressed the importance of sustainable funding and digital change to improve the bank’s services and customer experience.
“We are bringing in fresh capital and attracting major investors like the International Finance Corporation (IFC), Singapore-based NorthStar Group, and Abu Dhabi’s ADQ,” Montemayor said. “Our latest investment was $7 million from IFC last May,” he added.
This investment increased the bank’s equity by 1,075 percent from P32.8 million to P385 million. Deposits grew by 439 percent, from P82 million to P440 million, and loans rose by 648 percent, from P54 million to P400 million by the end of May.
Montemayor emphasized the importance of technology in enhancing the bank’s products and customer experience, aiming to extend its reach beyond physical branches.
“We plan to launch our mobile app and debit card this year, pending approval from Bangko Sentral ng Pilipinas, to reach more customers,” Montemayor said.
The Rural Bank of Sta. Rosa offers an 8.88 percent interest rate on time deposits over P500,000, benefiting residents of Sta. Rosa and nearby areas. For deposits between P50,000 and P500,000, the rate is 6 percent for 12 months.
Montemayor clarified that the 8.88 percent interest rate has no hidden terms or promotional period.
“Earning our 8.88 percent interest rate is simple. Just deposit over P500,000, up to a maximum of P50,000,000. No hidden fees or complex requirements,” he explained.
To take advantage of the 8.88 percent offer, visit or contact the branches in Sta. Rosa, Laguna and in Bacoor, Cavite.
Montemayor also announced plans to open new branches in Metro Manila, Cebu, and Mindanao, either in Davao or Cagayan de Oro.
