Search results
Results From The WOW.Com Content Network
The Banco de Oro-Equitable PCI Bank merger (2004–2006) was a plan by the SM Group of Companies and Banco de Oro Universal Bank, the then fifth-largest bank in the Philippines, to merge with Equitable PCI Bank, the third-largest bank. The merger was part of a long-term goal of Banco de Oro to become one of the largest names in the Philippine ...
Equitable PCI Bank, Inc. (PSE: EPCI) was one of the largest banks in the Philippines, being the third-largest bank in terms of assets. It was the largest bank before it was overtaken by Metrobank in 1995. It is the result of the merger of Equitable Banking Corporation and Philippine Commercial International Bank or PCIBank.
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.
It was the headquarters of Equitable PCI Bank until its merger with Banco de Oro (later known as BDO Unibank) in 2007. [2] Demolition work on the building complex started as early as March 2022, by BDO Unibank. It obtained a demolition permit in December 2021 with JLC Construction as its constructor. [1]
BancNet was founded on July 17, 1990, as the Philippines' second ATM consortium when the ATMs of eight banks, PCI Bank (later Equitable PCI Bank, now Banco de Oro), Security Bank, Chinabank, RCBC, Allied Bank (now part of PNB), Metrobank, International Exchange Bank (now part of UnionBank) and CityTrust Banking Corp. (now part of BPI) formed BancNet.
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 ...
It was the only existing universal bank not listed on the Philippine Stock Exchange. The bank, owing to its name, catered heavily to coconut farmers, but also served a wide-ranging clientele. In July 2020, the Philippine government raised its stake with the bank to 97%, thus resulting for its conversion to a government controlled bank. [1] [4]
If it succeeded, it would have moved Philtrust up to the thirteenth largest lender in the country and the transaction would have been the fourth bank merger of that year, after the mergers of Prudential Bank into BPI, International Exchange Bank into Union Bank of the Philippines and the Banco de Oro-Equitable PCI Bank merger.