UCPB has extended a P300-million term loan to HMR Philippines Inc., a leading retail, trading and auction company with a growing footprint in the country.
Known as “The Trading Haus”, the company specializes in bargain finds that are sourced from the US, Australia and Europe.
The loan will be used to fund the expansion plans of the company, which has already opened five new branches this year to bring its network of stores to 22. The loan has a term of seven years.
“We’re looking to open four more stores every year in the next five years, and we’re glad that UCPB continues to support us. UCPB is one of our oldest partners, and the bank has seen our growth,” said HMR Philippines Chief Finance Officer Eric Torres.
“UCPB grew with us and we appreciate that. In fact, other banks tried to offer a similar term loan to us, but we stood firm and went with UCPB,” Mr. Torres continued.
For UCPB’s part, Mr. Magalong expressed gratitude for the company’s trust and confidence in the Bank.
“The Bank has always remained confident on HMR’s ability to grow as an enterprise. We look forward to the company’s continued success,” Mr. Magalong said.
Part of the loan proceeds will also be used to manage their liabilities, according to Mr. Torres
The company is setting its sights on improving its reach in the Visayas when it opened its Cebu branch recently, Mr. Torres said. They are currently studying the feasibility of opening a new branch in Davao.
Company officials led by its President and CEO Erlinda Carman signed the loan agreement together with UCPB executives led by SVP and Corporate and Commercial Banking Group Head Franco Magalong, FVP and Metro Manila Team 1 Head Carina Uy and Relationship Manager Neil Ivan Tan.
Date published: July 12, 2017