Manila, Philippines — To help expand financial inclusion in the Philippines, the International Finance Corporation , a member of the World Bank Group, is investing PHP404 million in Salmon Group Ltd , an innovative AI-enabled financial company, that is a controlling shareholder of Rural Bank of Sta Rosa , Inc.
The capital will be used to further enhance the capital position of Rural Bank of Sta Rosa and to enable Salmon, the parent company of the bank, to develop new credit products and a lifestyle banking offering, which Salmon plans to launch in the second half of 2024. In preparation for this launch, the bank offers some of the most attractive deposit interest rates in the Philippines, including its time deposit with up to 8.88% interest for a 12-month term.