LOCAL & FOREIGN BANKS IN THE PHILIPPINES(As of November 10, 2007 - No particular order)
ASIA UNITED BANK - AUB is a joint venture between a consortium of reputable and successful Filipino industrialists and Taiwanese investment banks. On September 25, 1997, the Bank was granted the requisite licenses by the Monetary Board of the Bangko Sentral ng Pilipinas to operate as a commercial bank.
CITYSTATE SAVINGS BANK - Citystate is among the latest to open and join the local banking community. It started operations on August 8, 1997 when it's opened its first branch located in the Dominga Building in Chino Roces corner Dela Rosa Streets in Makati City. At present, the Bank has a total of 12 branches, including its head office. The Bank has nine branches located within Metro Manila, two branches in the province of Bulacan and one in Cebu City.
BANK OF THE PHILIPPINES ISLAND (BPI) - BPI is the oldest bank in the Philippines still in operation and is the third largest bank in the country in terms of assets, third only to Metrobank. It is owned by the Ayala Corporation and is based in Makati City's Central Business District, on the corner of Ayala Avenue and Paseo de Roxas.
METROPOLITAN BANK & TRUST COMPANY - Metrobank was established by a group of businessmen on September 5, 1962. It is now the largest bank in the Philippines in terms of assets and is also the largest Philippine bank in terms of overseas presence. Metrobank has a combined network of over 800 local & international branches, remittance offices & subsidiaries.
CITIBANK OF THE PHILIPPINES - Citigroup's history in the Philippines dates back to 1902 when the International Banking Corporation established a branch in Manila, followed by another branch in Cebu in 1904. Today, it is the largest foreign commercial bank in the Philippines in terms of customers, assets, revenues, employees and number of domestic branches. With a staff of over 1,600 employees, 99% of which are local, Citigroup has been consistently ranked as one of the top commercial banks.
LANDBANK OF THE PHILIPPINES - Landbank or by its initials, LBP, is owned by the Philippine government. LBP is the largest formal credit institution in the countryside and services more than 5,000 cooperatives and farmers groups benefiting about 500,000 small farmers and fish folk. Main branch is 1598 M.H. del Pilar Street Malate, Manila. Landbank was established on August 8, 1963.
BANCO DE ORO-EPCI INC. - With the acquisition of Equitable Bank and with the consolidation of the two institutions, the new Bank moves up the system rankings to become the country's second largest bank with 680 branches and over 1,200 ATMs nationwide. The Bank was cited as Best Bank in the Philippines for 2007 by Euromoney. PCI was founded in June 17, 1950. The main branch phone number is (632) 8407000.
PHILIPPINE BUSINESS BANK - PBB is a thrift bank, started operations on February 12, 1997. PBB now operates a network of 21 branches. To keep itself close to the small and medium scale businesses it seeks to serve, PBB operates from its office in Kalookan City, not in the plush Makati or Ortigas business centers favored by other banks. The head office phone number is (632) 363-3333.
PHILIPPINE SAVINGS BANK - PSB was the first savings bank to be listed in the Philippine Stock Exchange through an initial public offering held during the last quarter of 1994. PSB first opened its doors on September 26, 1960 at the historic Plaza Miranda. It was the first bank to be open Monday to Saturday with no noon break and with extended banking hours. Now with 88 offices in key areas of Metro Manila, Luzon, Visayas and Mindanao, the bank offers a wide range of products and services that cater mainly to retail and consumer segments of the market.
UNIONBANK OF THE PHILIPPINES - UnionBank was formed as a partnership among the Aboitiz Group, Insular Life & Social Security System. It started operations in 1981 and became a commercial bank by January 19, 1982. The bank acquired the International Corporate Bank (Interbank) in 1994, ranking seventh in terms of assets after its successful merger. It has 111 branches nationwide, 94 ATMs (as of June 2004).
UNITED COCONUT PLANTERS BANK - UCPB is named owing to its name for catering heavily to coconut farmers, but also serves a wide-ranging clientele. UCPB is a leading provider of financial products and ranking within the top twenty banks in the Philippines in terms of assets. Today, UCPB has 212 branches and 215 ATMs nationwide. The bank is also heavily involved in social development projects and other charity works.
PHILIPPINE NATIONAL BANK - PNB was established as a government-owned banking institution on July 22, 1916. It was privatized in 1989. The Bank remains as one of the largest banks in the country with a wide array of competitive banking products to answer for the diverse needs of its huge clientele including more than 2 million depositors. PNB currently has over 100 branches throughout Asia, Europe, the Middle East and North America.
BANGKO SENTRAL NG PILIPINAS - BSP is the central bank of the Philippines. It was established on July 3rd 1993. The BSP took over from the central bank of the Philippines which was established on January 3rd 1949, as the country's central monetary authority.
HONG KONG & SHANGHAI BANKING CORPORATION - HSBC is also known as the world's local bank. HSBC opened its first branch in the Philippines in Binondo in November 1875. This bank seems to be favorite for expiates for its safe and sound banking system. HSBC maintains a network of around 600 offices in 20 countries in Asia Pacific. HSBC Main Branch phone number in the Philippines is (632) 878 9090.
RIZAL COMMERCIAL BANKING CORPORATION - RCBC opened for business as a small development bank in 1960. RCBC is the Philippines' fifth largest private domestic commercial bank with total consolidated assets of about $3.6 billion as of December 2005.
BANCO FILIPINO SAVINGS & MORTGAGE BANK - Banco Filipino is one of the larger savings banks in the Philippines. It is known not only for its innovative offerings but also for its troubled history. Banco Filipino opened its doors on July 9, 1964. In 1985 Banco Filipino was performing well when the bank was order to close over alleged insolvency. The bank would remain closed until 1991 when a ruling made by the Supreme Court declared the bank's closure illegal. Then in 1999 the court declared that Banco Filipino is entitled to damages payments caused by its illegal closure.
INTERNATIONAL EXCHANGE BANK - This was one of the smaller banks in the Philippines. The bank opened its doors on September 25, 1995. It was acquired by the larger Union Bank of the Philippines in mid-2006. The system integration with Union Bank is now complete. This will be the last entry for iBank since it has become part of Union Bank.
SECURITY BANK CORPORATION - SBC is one of the larger commercial banks in the Philippines. The bank was first established on June 18, 1951 as Security Bank and Trust Company. SBC was the first private and Filipino-controlled Bank of the post-World War II period. The head office phone number is (632) 867-6788.
Philippine Veterans Bank - PVB is a medium-sized commercial bank in the Philippines that is owned by Philippine World War II war veterans and their families. It caters to both corporate & retail financial markets. As part of its charter, PVB provides 20% of its annual net income for the benefit of its shareholders.
China Bank - China Bank is one of the larger banks in the Philippines, ranking eleventh in terms of assets. It is controlled by the SM Group of Companies, one of the largest conglomerates in the Philippines and owner of the SM chain of malls. China Bank was established on August 16, 1920. It was the first Philippine bank to electronically process online deposit transactions in 1969 and was also the first bank to offer telephone banking in 1988.
Glossary of Terms
Commercial Bank - A Commercial bank term is used to distinguish it from an investment bank. If you refer to a bank or a division of a bank this way it means that the bank that mostly deals with deposits and loans from corporations or large businesses.
Universal Bank - A universal bank has the same powers as a commercial bank with the following additional powers: the powers of an investment house as provided in existing laws and the power to invest in non-allied enterprises.
Central bank - A Central Bank is an entity responsible for the monetary policy of its country. Its primary responsibility is to maintain the stability of the national currency and money supply. Defunct or merged banks
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