PAWNSHOP chain Cebuana Lhuillier plans to add 200 branches by 2012 in a bid to corner a bigger share of the remittance market.
“We have plans to increase the number of our branches to strengthen our presence nationwide and serve areas where there are no banks or remittance service providers yet,” Philippe Andre D. Lhuillier, Cebuana Lhuillier Services Corp. (CLSC) vice president, told reporters at the launch of Cebuana Lhuillier’s partnership with Wells Fargo & Company on Friday.
Cebuana Lhuillier formalized its ties with San Francisco-based bank Wells Fargo.
Through the partnership, Filipinos can send up to $1,000 a day to Cebuana Lhuillier branches nationwide for $5.
“We plan to increase our presence in the southern area, in Mindanao,” Mr. Lhuillier added.
Fernando C. Bacungan, CLSC general manager, in a separate interview said the pawnshop chain targets to add “100 more branches” by yearend and “another 100 branches next year.”
Cebuana Lhuillier has 1,500 branches nationwide at present.
Mr. Bacungan said CLSC will open 20 of the 100 branches in Mindanao and the remaining 80 in Metro Manila, other parts of Luzon and Visayas.
CLSC manages the ancillary services and products offered at Cebuana Lhuillier pawnshops. A pawnshop not only extends pawning services, but also remittance services. Clients may also buy insurance at the pawnshops.