Philippine Resources Savings Bank Selects IBM Global Financing to Support Expansion Efforts

PASIG CITY, Philippines, Nov. 4, 2015 (Antara/PRNewswire) -- IBM Global Financing, the lending and leasing business segment of IBM today announced that the Philippine Resources Savings Bank (PRSB), the country's fourth largest independent thrift bank, will adopt its financing solution to fund the acquisition of core banking software and hardware infrastructure.

Founded in 1977, PRSB has 102 branches. It has several offices strategically located in key cities and municipalities nationwide. According to Bangko Sentral ng Pilipinas (BSP), PRSB is currently the 3rd largest lender among all independent savings banks and the 5th most profitable within its category. In 2011, PRSB was given the approval by BSP to upgrade from a rural bank to a savings bank.

IBM will aid PRSB in securing the IT infrastructure needed to address the bank's unique requirements, while keeping the bank's cash flow and asset management productive. IBM will provide support for the investments made by PRSB on its core banking system at every phase of the IT lifecycle. This will help PRSB accommodate its growing clientele and continue expanding its branch network nationwide. PRSB 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.

"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, 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."

IBM Global Financing offers a full range of financing options that can be implemented quickly and easily. The variety of IT payment options help companies address 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.

PRSB 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.

"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, Philippine Resources Savings Bank.

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IBM Philippines Media Contact:

Tom Wagan