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The bank was established by Alfonso Yuchengco on September 23, 1960, as Rizal Development Bank, a small development bank in Rizal province. [13] It was later upgraded to a commercial bank upon the approval of the Bangko Sentral ng Pilipinas and, in 1963, began operation as such under its present name Rizal Commercial Banking Corporation ( RCBC ).
Metropolitan Bank & Trust: Banking 3,292 760 18,810 Makati 15 Globe Telecom: Telecommunications 3,241 441 7,542 Taguig 16 Bank of the Philippine Islands: Banking 3,239 930 19,522 Makati 17 PAL Holdings: Airline 3,222 302 5,109 Pasay 18 Lopez Holdings Corporation: Conglomerate 2,967 51 11 Mandaluyong 19 International Container Terminal Services
The Philippines has a comprehensive banking system encompassing various types of banks, from large universal banks to small rural banks and even non-banks.As of September 30, 2022, [1] there were 45 universal and commercial banks, [2] 44 savings banks, [3] 400 rural and cooperative banks, [4] 40 credit unions and 6,267 non-banks with quasi-banking functions, all licensed by the Bangko Sentral ...
The current bank is the product of the Banco de Oro–Equitable PCI Bank merger.The boards of both banks agreed to merge on December 27, 2006. The new BDO Unibank retained the ticker symbol of the old Banco de Oro, and 1.3 billion BDO shares were issued in exchange for 727 million Equitable PCI Bank shares.
There has been controversy in the media and elsewhere about the bonuses paid to bank staff, [2] [3] especially since the bank bailouts and rescue packages paid by governments during 2008 following the financial crisis of 2007–08. [4] [5] This controversy has led to legislators seeking to restrict the way in which bonuses can be paid.
Rank Bank name Assets (millions of PHP) Asset change Rank change 1 BDO, Inc. 4,508,065.88: 2 Land Bank of the Philippines (LBP) 3,325,085.09: 3 Metropolitan Bank and Trust Company (Metrobank)