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Banco de Oro

BDO Unibank, Inc., commonly known as Banco de Oro (BDO),[a] is a Philippine banking company based in Mandaluyong, the Philippines. BDO Unibank is a member of the SM Group and so can be found at SM Malls throughout the country.

Banco de Oro
Company typePublic
PSE: BDO
IndustryFinance and insurance
PredecessorDao Heng Bank (Philippines)
1st E-Bank
Banco Santander (Philippines)
United Overseas Bank (Philippines)
AMEX Savings Bank (Philippines)
Equitable PCI Bank
GE Money Bank (Philippines)
Citibank Savings (Philippines)
Deutsche Bank (Philippines)
The Real Bank
One Network Bank
FoundedManila, Philippines
January 2, 1968; 56 years ago (1968-01-02) (as Acme Savings)
November 1976; 47 years ago (1976-11) (as Banco de Oro)
HeadquartersBDO Corporate Center, Ortigas Center, Mandaluyong, Philippines
Number of locations
1,434 branches (2016)
4,466 ATMs (2016)[1]
Area served
Asia
North America
Europe
Middle East
Key people
Teresita Sy-Coson
(Chairperson)[2]
Nestor Tan (President and CEO)
ServicesFinancial services
Revenue221.19 billion $4.61 billion (FY 2019)
44.19 billion $920.51 million (4.3%) (2019)[3][1][4]
AUM1.16 trillion $24.26 billion (12%) (2019)[1][4]
Total assets3.19 trillion $66.42 billion (12%) (2019)[1][4]
Total equity368.93 billion $7.68 billion (9%) (2019)[1]
Number of employees
38,510 (2019)[1]
ParentSM Investments Corporation
Subsidiaries
  • BDO Capital
  • BDO Foundation
  • BDO Insure
  • BDO Leasing
  • BDO Life
  • BDO Network Bank
  • BDO Private Bank
  • BDO Securities
[5]
Websitewww.bdo.com.ph

BDO is the largest bank in the Philippines by total assets, and 15th largest bank in Southeast Asia by total assets, as of March 31, 2016.[7][8] It's largest bank in the country by market capitalization.[4] It has the largest distribution network with over 1,300 operating branches and more than 4,000 ATMs nationwide.[citation needed][when?]

BDO is a full-service universal bank. It provides products and services to the retail and corporate markets, including lending (corporate, middle market, SME, and consumer), deposit-taking, foreign exchange, brokering, trust and investments, credit cards, corporate cash management and remittances. Through its subsidiaries, the bank offers leasing and financing, investment banking, private banking, bancassurance, insurance brokerage and stockbrokerage services.[9]

BDO's main competitors are major Philippine banks like Metrobank and BPI.

History edit

BDO Unibank was established on January 2, 1968 as Acme Savings Bank, a thrift bank with just two branches in the area before Metro Manila was formed. In November 1976, Acme was acquired by the SM Group, the group of companies owned by retail magnate Henry Sy, and renamed Banco de Oro Savings and Mortgage Bank.

In December 1994, BDO became a commercial bank and was renamed Banco de Oro Commercial Bank. In September 1996, BDO became a universal bank, which led to the bank's name being changed to the current Banco de Oro Universal Bank (BDO Unibank).

BDO Unibank eventually became involved in insurance services in 1997 (it is a bancassurance firm) by establishing a subsidiary called BDO Insurance Brokers. In 1999, BDO Unibank expanded its insurance services through partnerships with Zamora Assurance and Assicurazoni Generali s.p.a. (Generali), one of the world's largest insurance firms, and Jerneh Asia Berhad, a member of Malaysia's Kuok Group. In March 2000, BDO Unibank partnered with Generali Pilipinas Life Assurance Company and Generali Pilipinas Insurance Company.

 
A BDO ATM inside SM City Cebu

Merger with Equitable PCI Bank edit

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. Equitable PCI Bank was de-listed on June 4, 2007.

The entity was initially known as Banco de Oro-EPCI, Inc., but announced that it would go by the name Banco de Oro Unibank, Inc. starting February 2007. Finally in 2010 Banco de Oro changed its name to BDO Unibank, Inc.

As of 2020, BDO has the largest distribution network[citation needed] with over 1,400 operating branches and more than 4,400 ATMs nationwide. It is the country's largest bank in terms of consolidated resources, customer loans, deposits, assets under management and capital, as well as branch and ATM network nationwide as of 2022.[10]

Ownership edit

Before "merger of equals" with Equitable PCI Bank edit

  • PCD Nominee Corporation: 40.09% (35.64% foreign, 4.45% Filipino)
  • SM Investments Corporation: 27.41%
  • Primebridge Holdings: 22.08%
  • SM Development Corporation: 4.04%
  • Shoemart: 3.57%
  • Public stock: 2.45%

Ownership after merging with Equitable PCI Bank edit

  • SM Investments Corporation: 40.87%
  • Multi-Realty Development Corporation: 8.81%
  • Sybase Equity Investments Corporation: 5.14%
  • Shoemart: 2.10%
  • Sysmart Corporation: 00.14%[11]

While the Philippine Central Depository (PCD) is listed a major shareholder, it is more of a trustee-nominee for all shares lodged in the PCD system rather than a single owner/shareholder. Major beneficial shareholders (ie those who own at least 5% of outstanding capital stock with voting rights) hidden, if any, under the PCD system are checked/identified and are disclosed with the Definitive Information Statement companies are submitting annually to the local bourse and Securities and Exchange Commission[12]

Subsidiaries and affiliates edit

 
A BDO branch in Cabanatuan, Nueva Ecija

BDO is divided into the following subsidiaries and affiliates:

Philippine-based subsidiaries edit

  • BDO Capital & Investment Corporation
  • BDO Insurance Brokers
  • BDO Leasing and Finance Inc.(Formerly PCI Leasing and Finance)
  • BDO Nomura Securities
  • BDO Private Bank
  • BDO Realty Corporation
  • BDO Securities Corporation
  • BDO Strategic Holdings (formerly EBC Investments and 6 other companies)
  • BDO Technology Center (Equitable Data Center and PCI Automation Center)
  • BDO Life Assurance Company
  • Equimark-NFC Development Corporation
  • BDO Network Bank (Formerly One Network Bank. The largest rural bank in the Philippines)
  • PCIBank Europe SpA
  • PCIBank Securities Inc.
  • Zamora Trust Services (CIMB Bank Authorized Agent For International Tax Payments and Tax Refunds)

Foreign-based affiliates edit

Affiliates edit
  • North Pine Land Inc.
  • SM Keppel Land Inc.
  • Taal Land Inc.
  • MMPC Auto Financial Services

Mergers and acquisitions edit

Dao Heng Bank edit

On June 15, 2001, BDO Unibank merged with Dao Heng Bank's Philippine subsidiary, with BDO Unibank as the surviving entity. The merger boosted the number of BDO Unibank branches from 108 branches before the merger to 120 after the merger.

1st e-Bank edit

In September 2002, Metro Pacific Corporation (now Neo Oracle Holdings Inc.) sold the operations and 57 branches of 1st e-Bank (formerly PDCP Bank) including its Smart Money Mastercard debit card issuer (which is a partnership with Smart Communications until 2017) to BDO Unibank.[13] it later formally acquired and merged in October of the same year, All 1st e-Bank branches completed integration into the BDO Unibank network, increasing the Bank's number of branches to 177.[14]

Banco Santander Philippines edit

In August 2003, BDO Unibank. acquired the local banking unit of Banco Santander with its commercial, trust and derivatives licenses to become BDO Private Bank, a fully owned subsidiary of BDO Unibank. The main goal the BDO Private Bank is to create market share in the Private banking/Modern Affluent Market segment by penetrating key areas in BDO Unibank's network. This is to complement and explore how the BDO Unibank Group can service all the financial and investment needs of the client.

United Overseas Bank Philippines edit

In late April 2005, United Overseas Bank sold 66 out of the 67 branches of its Philippine subsidiary to BDO Unibank after UOB's Philippine subsidiary decided to rationalize its operations from retail to wholesale banking. All UOB branches completed integration into the BDO Unibank, Inc network on March 22, 2006, increasing the BDO's number of branches to 220.

Equitable PCI Bank edit

On August 5, 2005, BDO Unibank and an SM subsidiary, SM Investments, bought 24.76% of the shares of Equitable PCI Bank, the Philippines' third-largest bank, and 10% of an Equitable PCI affiliate, Equitable CardNetwork, one of the Philippines' largest credit card issuers, from the Go Family which founded the bank. BDO Unibank has also been offered a further 10% by another Equitable PCI affiliate, EBC Investments, and a deal is being made to buy (awaiting court approval) the 29% stake of the Social Security System (SSS), the Philippines' private sector workers' pension fund. Subsequent acquisitions enabled the bank to acquire a 34% stake in Equitable PCI.

On December 1, 2005, BDO Unibank shares were listed as a component of the PSE Composite Index for the first time.

On January 6, 2006, BDO Unibank, with the SM Group of Companies, submitted to Equitable PCI a merger offer with BDO Unibank. as the surviving entity. Under the proposal, BDO Unibank. will swap 1.6 of its shares for every 1 Equitable PCI share. As a second option, BDO Unibank. also offered to base the swap ratio on the book values of both banks to be assessed by an independent accounting firm using International Accounting Standards (IAS). To effect the merger, BDO Unibank. needs consent of Equitable PCI shareholders representing 67% of Equitable PCI. These include the Social Security System (SSS) with 29%, the Government Service Insurance System (GSIS) with 14%, and the family of Equitable PCI chairman Ferdinand Martin Romualdez with eight percent. BDO Unibank. said that the proposed "merger of equals" would create the country's second biggest bank with assets of about 608 billion (as of June 2007), just next to Metrobank with ₱669.1 billion (as of June 2007), the current banking industry leader in the Philippines. Bank of the Philippine Islands is the current third biggest bank in the Philippines with P592.6 billion (as of June 2007). BDO Unibank. has asked Equitable PCI to study their offer until January 31, 2006.

BDO Unibank President Nestor Tan also expressed of a possibility of a three-way merger with Chinabank, also an SM Group-controlled bank. Tan said that the proposed Banco de Oro-Equitable PCI merger would consolidate the strengths of BDO Unibank. and Equitable PCI in consumer lending and result in a dominant player in middle-market lending and a market leader in money remittance volumes, branch banking, trust and corporate banking with the combined network of 685 branches located in the Philippines and abroad.

Although Romualdez and the GSIS have shown stiff opposition to the BDO Unibank-Equitable PCI merger, the SSS is still studying the possibility of a merger. In fact, UBS studied the deal and claims that the merger through the stock swap option is a "win-win" situation. It also claims that the deal under IAS standards are timely enough to facilitate the merger and that with the merger, Equitable PCI shareholders, under UBS calculation, would see the value of their shares increase to about ₱73.60 per share, more than the fair value target price of ₱67.

With Equitable PCI and BDO Unibank merging fully realized, BDO Unibank now stands as the largest bank in terms of asset in the Philippines. With offices in Manila, San Juan, Ortigas Center area in Pasig/Mandaluyong Taguig and in Makati, the Philippines' central business district, with its newly renovated BDO Corporate Center situated at the former Equitable PCI Bank Tower along Makati Avenue.

GE Money Bank edit

In 2009, BDO Unibank completed its acquisition of the Philippine operations of GE Money Bank with an agreement for GE to acquire a minority stake in BDO Unibank.[15] In a definitive agreement signed by the two institutions, GE Capital will acquire a 1.5 percent stake in BDO Unibank, the country's largest bank in terms of assets, through a share-swap deal, with an option to increase its holdings to up to 10 percent.[16] The takeover will involve absorption of GE Money Bank's 31 branches, 30,000 customers, and 38 ATMs nationwide.

Citibank Savings edit

On November 14, 2013, BDO Unibank. announced its plan to acquire 99.99 percent of Citibank Savings Inc. Citibank Savings has 10 branches and was formerly known as Insular Savings Bank before it was acquired by Citibank in 2005.[17]

Deutsche Bank Philippines edit

In February 2014, BDO Unibank. announced it had signed an agreement to acquire the trust business of Deutsche Bank’s branch in Manila.[18]

The Real Bank edit

In July 2014, BDO Unibank. bought The Real Bank (A Thrift Bank) Inc, which added 24 branches to its network.[19]

BDO Network Bank (One Network Bank) edit

Before the end of December 2014, BDO Unibank acquired One Network Bank, the country's largest rural bank with 105 branches.[20]

One Network Bank changed its name to BDO Network Bank in 2019.[21]

Recent events edit

EMV Debit Card edit

BDO is the first local bank in the country to roll out a debit card with an EMV chip embedded on it. The EMV chipping system, just like the ones on credit cards will also enhance the security of the debit card holders. The cards were released in 2016.[22]

In 2017, they also introduced the EMV Visa Debit Card.[23]

2021 bank hack edit

See also edit

Notes edit

  1. ^ Hokkien Chinese: 金融銀行; Pe̍h-ōe-jī: Kim-iông Gûn-hâng; Mandarin simplified Chinese: 金融银行; traditional Chinese: 金融銀行; pinyin: Jīnróng Yínháng[6]

References edit

  1. ^ a b c d e f BDO (2020). 2019 Annual Report (PDF) (Report).
  2. ^ "[BDO Unibank, Inc.] Directors and Management". PSE Edge. Retrieved February 16, 2022.
  3. ^ "BDO Says 2016 Net Income a Record P26.1B". GMA News Online. February 24, 2017. Retrieved February 16, 2022.
  4. ^ a b c d "[BDO Unibank on the Forbes World's Best Employers List]". Forbes. Retrieved January 23, 2019.
  5. ^ "Subsidiaries". BDO. Retrieved February 16, 2022.
  6. ^ "金融銀行預計今年貸款增長8%至19%". 菲律賓商報 (Chinese Commercial News). April 20, 2023. Retrieved May 3, 2023.
  7. ^ Agcaoili, Lawrence (July 26, 2016). "BDO Still Biggest Bank; Landbank Overtakes BPI". Philstar Global. Retrieved February 16, 2022.
  8. ^ "The World's Largest Public Companies". Forbes. Retrieved January 23, 2019.
  9. ^ BDO (September 2016). Investor Presentation (PDF) (Slide deck).
  10. ^ "About BDO: Business Operations". BDO. Retrieved February 16, 2022.
  11. ^ . PSE. Archived from the original on January 7, 2014. Retrieved October 9, 2013.
  12. ^ "PAGE 11 - DEFINITIVE Information Statement of [GLOBE TELECOM], INC" (PDF). Globe Telecom - Investor Relations. Retrieved April 4, 2024.
  13. ^ Mendez, Christina; Diaz, Conrado Jr (September 28, 2002). "SM's Banco de Oro to Buy First e-Bank". Philstar Global. Retrieved February 16, 2022.
  14. ^ Mendez, Christina; Diaz, Conrado Jr. (October 25, 2002). "Banco de Oro Takes Over First e-Bank Operations". Philstar Global. Retrieved February 16, 2022.
  15. ^ Dumlao, Doris (May 28, 2009). . Inquirer.net. Archived from the original on May 31, 2009. Retrieved December 1, 2011.
  16. ^ Reyes, Liza (May 29, 2009). "BDO, GE Money to Merge Operations". ABS-CBN News. Retrieved February 16, 2022.
  17. ^ Factao, Genivi (November 14, 2013). . BusinessMirror. Archived from the original on January 3, 2014. Retrieved January 3, 2014.
  18. ^ "BDO to Acquire Deutsche Bank's Trust Business in Philippines". Reuters. February 23, 2014. Retrieved February 27, 2014.
  19. ^ Montecillo, Paolo G. (July 7, 2014). "BDO Acquires Real Bank". Inquirer.net. Retrieved February 16, 2022.
  20. ^ Torres, Ted P. (December 24, 2014). "BDO Acquires Largest Rural Bank". Philstar Global. Retrieved February 16, 2022.
  21. ^ Agcaoili, Lawrence (September 18, 2019). "BDO's One Network Bank Changes Corporate Name". Philstar Global. Retrieved February 16, 2022.
  22. ^ BDO Unibank (April 15, 2016). "BDO Is the First Local Bank to Roll out EMV Debit Card". Archived from the original on February 26, 2022 – via Facebook.
  23. ^ "BDO Depositor's Thread – Page 29". PinoyExchange. Retrieved January 23, 2019.

External links edit

  • Official website
  •   Media related to BDO Unibank at Wikimedia Commons
  • BDO Exchange Rate Today

banco, this, article, about, philippine, bank, other, uses, disambiguation, unibank, commonly, known, philippine, banking, company, based, mandaluyong, philippines, unibank, member, group, found, malls, throughout, country, company, typepublictraded, aspse, bd. This article is about Philippine bank For other uses see BDO disambiguation BDO Unibank Inc commonly known as Banco de Oro BDO a is a Philippine banking company based in Mandaluyong the Philippines BDO Unibank is a member of the SM Group and so can be found at SM Malls throughout the country Banco de OroCompany typePublicTraded asPSE BDOIndustryFinance and insurancePredecessorDao Heng Bank Philippines 1st E BankBanco Santander Philippines United Overseas Bank Philippines AMEX Savings Bank Philippines Equitable PCI BankGE Money Bank Philippines Citibank Savings Philippines Deutsche Bank Philippines The Real BankOne Network BankFoundedManila PhilippinesJanuary 2 1968 56 years ago 1968 01 02 as Acme Savings November 1976 47 years ago 1976 11 as Banco de Oro HeadquartersBDO Corporate Center Ortigas Center Mandaluyong PhilippinesNumber of locations1 434 branches 2016 4 466 ATMs 2016 1 Area servedAsiaNorth AmericaEuropeMiddle EastKey peopleTeresita Sy Coson Chairperson 2 Nestor Tan President and CEO ServicesFinancial servicesRevenue 221 19 billion 4 61 billion FY 2019 Net income 44 19 billion 920 51 million 4 3 2019 3 1 4 AUM 1 16 trillion 24 26 billion 12 2019 1 4 Total assets 3 19 trillion 66 42 billion 12 2019 1 4 Total equity 368 93 billion 7 68 billion 9 2019 1 Number of employees38 510 2019 1 ParentSM Investments CorporationSubsidiariesBDO Capital BDO Foundation BDO Insure BDO Leasing BDO Life BDO Network Bank BDO Private Bank BDO Securities 5 Websitewww wbr bdo wbr com wbr phBDO is the largest bank in the Philippines by total assets and 15th largest bank in Southeast Asia by total assets as of March 31 2016 7 8 It s largest bank in the country by market capitalization 4 It has the largest distribution network with over 1 300 operating branches and more than 4 000 ATMs nationwide citation needed when BDO is a full service universal bank It provides products and services to the retail and corporate markets including lending corporate middle market SME and consumer deposit taking foreign exchange brokering trust and investments credit cards corporate cash management and remittances Through its subsidiaries the bank offers leasing and financing investment banking private banking bancassurance insurance brokerage and stockbrokerage services 9 BDO s main competitors are major Philippine banks like Metrobank and BPI Contents 1 History 1 1 Merger with Equitable PCI Bank 2 Ownership 2 1 Before merger of equals with Equitable PCI Bank 2 2 Ownership after merging with Equitable PCI Bank 3 Subsidiaries and affiliates 3 1 Philippine based subsidiaries 3 1 1 Foreign based affiliates 3 1 1 1 Affiliates 4 Mergers and acquisitions 4 1 Dao Heng Bank 4 2 1st e Bank 4 3 Banco Santander Philippines 4 4 United Overseas Bank Philippines 4 5 Equitable PCI Bank 4 6 GE Money Bank 4 7 Citibank Savings 4 8 Deutsche Bank Philippines 4 9 The Real Bank 4 10 BDO Network Bank One Network Bank 5 Recent events 5 1 EMV Debit Card 5 2 2021 bank hack 6 See also 7 Notes 8 References 9 External linksHistory editBDO Unibank was established on January 2 1968 as Acme Savings Bank a thrift bank with just two branches in the area before Metro Manila was formed In November 1976 Acme was acquired by the SM Group the group of companies owned by retail magnate Henry Sy and renamed Banco de Oro Savings and Mortgage Bank In December 1994 BDO became a commercial bank and was renamed Banco de Oro Commercial Bank In September 1996 BDO became a universal bank which led to the bank s name being changed to the current Banco de Oro Universal Bank BDO Unibank BDO Unibank eventually became involved in insurance services in 1997 it is a bancassurance firm by establishing a subsidiary called BDO Insurance Brokers In 1999 BDO Unibank expanded its insurance services through partnerships with Zamora Assurance and Assicurazoni Generali s p a Generali one of the world s largest insurance firms and Jerneh Asia Berhad a member of Malaysia s Kuok Group In March 2000 BDO Unibank partnered with Generali Pilipinas Life Assurance Company and Generali Pilipinas Insurance Company nbsp A BDO ATM inside SM City CebuMerger with Equitable PCI Bank edit Main article Banco de Oro Equitable PCI Bank merger 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 Equitable PCI Bank was de listed on June 4 2007 The entity was initially known as Banco de Oro EPCI Inc but announced that it would go by the name Banco de Oro Unibank Inc starting February 2007 Finally in 2010 Banco de Oro changed its name to BDO Unibank Inc As of 2020 BDO has the largest distribution network citation needed with over 1 400 operating branches and more than 4 400 ATMs nationwide It is the country s largest bank in terms of consolidated resources customer loans deposits assets under management and capital as well as branch and ATM network nationwide as of 2022 10 Ownership editBefore merger of equals with Equitable PCI Bank edit PCD Nominee Corporation 40 09 35 64 foreign 4 45 Filipino SM Investments Corporation 27 41 Primebridge Holdings 22 08 SM Development Corporation 4 04 Shoemart 3 57 Public stock 2 45 Ownership after merging with Equitable PCI Bank edit SM Investments Corporation 40 87 Multi Realty Development Corporation 8 81 Sybase Equity Investments Corporation 5 14 Shoemart 2 10 Sysmart Corporation 00 14 11 While the Philippine Central Depository PCD is listed a major shareholder it is more of a trustee nominee for all shares lodged in the PCD system rather than a single owner shareholder Major beneficial shareholders ie those who own at least 5 of outstanding capital stock with voting rights hidden if any under the PCD system are checked identified and are disclosed with the Definitive Information Statement companies are submitting annually to the local bourse and Securities and Exchange Commission 12 Subsidiaries and affiliates edit nbsp A BDO branch in Cabanatuan Nueva EcijaBDO is divided into the following subsidiaries and affiliates Philippine based subsidiaries edit BDO Capital amp Investment Corporation BDO Insurance Brokers BDO Leasing and Finance Inc Formerly PCI Leasing and Finance BDO Nomura Securities BDO Private Bank BDO Realty Corporation BDO Securities Corporation BDO Strategic Holdings formerly EBC Investments and 6 other companies BDO Technology Center Equitable Data Center and PCI Automation Center BDO Life Assurance Company Equimark NFC Development Corporation BDO Network Bank Formerly One Network Bank The largest rural bank in the Philippines PCIBank Europe SpA PCIBank Securities Inc Zamora Trust Services CIMB Bank Authorized Agent For International Tax Payments and Tax Refunds Foreign based affiliates edit Affiliates edit North Pine Land Inc SM Keppel Land Inc Taal Land Inc MMPC Auto Financial ServicesMergers and acquisitions editDao Heng Bank edit On June 15 2001 BDO Unibank merged with Dao Heng Bank s Philippine subsidiary with BDO Unibank as the surviving entity The merger boosted the number of BDO Unibank branches from 108 branches before the merger to 120 after the merger 1st e Bank edit In September 2002 Metro Pacific Corporation now Neo Oracle Holdings Inc sold the operations and 57 branches of 1st e Bank formerly PDCP Bank including its Smart Money Mastercard debit card issuer which is a partnership with Smart Communications until 2017 to BDO Unibank 13 it later formally acquired and merged in October of the same year All 1st e Bank branches completed integration into the BDO Unibank network increasing the Bank s number of branches to 177 14 Banco Santander Philippines edit In August 2003 BDO Unibank acquired the local banking unit of Banco Santander with its commercial trust and derivatives licenses to become BDO Private Bank a fully owned subsidiary of BDO Unibank The main goal the BDO Private Bank is to create market share in the Private banking Modern Affluent Market segment by penetrating key areas in BDO Unibank s network This is to complement and explore how the BDO Unibank Group can service all the financial and investment needs of the client United Overseas Bank Philippines edit In late April 2005 United Overseas Bank sold 66 out of the 67 branches of its Philippine subsidiary to BDO Unibank after UOB s Philippine subsidiary decided to rationalize its operations from retail to wholesale banking All UOB branches completed integration into the BDO Unibank Inc network on March 22 2006 increasing the BDO s number of branches to 220 Equitable PCI Bank edit On August 5 2005 BDO Unibank and an SM subsidiary SM Investments bought 24 76 of the shares of Equitable PCI Bank the Philippines third largest bank and 10 of an Equitable PCI affiliate Equitable CardNetwork one of the Philippines largest credit card issuers from the Go Family which founded the bank BDO Unibank has also been offered a further 10 by another Equitable PCI affiliate EBC Investments and a deal is being made to buy awaiting court approval the 29 stake of the Social Security System SSS the Philippines private sector workers pension fund Subsequent acquisitions enabled the bank to acquire a 34 stake in Equitable PCI On December 1 2005 BDO Unibank shares were listed as a component of the PSE Composite Index for the first time On January 6 2006 BDO Unibank with the SM Group of Companies submitted to Equitable PCI a merger offer with BDO Unibank as the surviving entity Under the proposal BDO Unibank will swap 1 6 of its shares for every 1 Equitable PCI share As a second option BDO Unibank also offered to base the swap ratio on the book values of both banks to be assessed by an independent accounting firm using International Accounting Standards IAS To effect the merger BDO Unibank needs consent of Equitable PCI shareholders representing 67 of Equitable PCI These include the Social Security System SSS with 29 the Government Service Insurance System GSIS with 14 and the family of Equitable PCI chairman Ferdinand Martin Romualdez with eight percent BDO Unibank said that the proposed merger of equals would create the country s second biggest bank with assets of about 608 billion as of June 2007 just next to Metrobank with 669 1 billion as of June 2007 the current banking industry leader in the Philippines Bank of the Philippine Islands is the current third biggest bank in the Philippines with P592 6 billion as of June 2007 BDO Unibank has asked Equitable PCI to study their offer until January 31 2006 BDO Unibank President Nestor Tan also expressed of a possibility of a three way merger with Chinabank also an SM Group controlled bank Tan said that the proposed Banco de Oro Equitable PCI merger would consolidate the strengths of BDO Unibank and Equitable PCI in consumer lending and result in a dominant player in middle market lending and a market leader in money remittance volumes branch banking trust and corporate banking with the combined network of 685 branches located in the Philippines and abroad Although Romualdez and the GSIS have shown stiff opposition to the BDO Unibank Equitable PCI merger the SSS is still studying the possibility of a merger In fact UBS studied the deal and claims that the merger through the stock swap option is a win win situation It also claims that the deal under IAS standards are timely enough to facilitate the merger and that with the merger Equitable PCI shareholders under UBS calculation would see the value of their shares increase to about 73 60 per share more than the fair value target price of 67 With Equitable PCI and BDO Unibank merging fully realized BDO Unibank now stands as the largest bank in terms of asset in the Philippines With offices in Manila San Juan Ortigas Center area in Pasig Mandaluyong Taguig and in Makati the Philippines central business district with its newly renovated BDO Corporate Center situated at the former Equitable PCI Bank Tower along Makati Avenue GE Money Bank edit In 2009 BDO Unibank completed its acquisition of the Philippine operations of GE Money Bank with an agreement for GE to acquire a minority stake in BDO Unibank 15 In a definitive agreement signed by the two institutions GE Capital will acquire a 1 5 percent stake in BDO Unibank the country s largest bank in terms of assets through a share swap deal with an option to increase its holdings to up to 10 percent 16 The takeover will involve absorption of GE Money Bank s 31 branches 30 000 customers and 38 ATMs nationwide Citibank Savings edit On November 14 2013 BDO Unibank announced its plan to acquire 99 99 percent of Citibank Savings Inc Citibank Savings has 10 branches and was formerly known as Insular Savings Bank before it was acquired by Citibank in 2005 17 Deutsche Bank Philippines edit In February 2014 BDO Unibank announced it had signed an agreement to acquire the trust business of Deutsche Bank s branch in Manila 18 The Real Bank edit In July 2014 BDO Unibank bought The Real Bank A Thrift Bank Inc which added 24 branches to its network 19 BDO Network Bank One Network Bank edit Before the end of December 2014 BDO Unibank acquired One Network Bank the country s largest rural bank with 105 branches 20 One Network Bank changed its name to BDO Network Bank in 2019 21 Recent events editThis article appears to be slanted towards recent events Please try to keep recent events in historical perspective and add more content related to non recent events November 2016 EMV Debit Card edit BDO is the first local bank in the country to roll out a debit card with an EMV chip embedded on it The EMV chipping system just like the ones on credit cards will also enhance the security of the debit card holders The cards were released in 2016 22 In 2017 they also introduced the EMV Visa Debit Card 23 2021 bank hack edit Main article 2021 Banco de Oro hackSee also edit nbsp Companies portal nbsp Banks portalEquitable PCI Bank Banco de Oro Equitable PCI Bank merger BDO Corporate Center SM Group of Companies BancNet BDO ATM network China UnionPay Chinabank its sister bank albeit with smaller capitalization Visa Debit Debit MasterCard List of banks in the Philippines List of largest banks in Southeast AsiaNotes edit Hokkien Chinese 金融銀行 Pe h ōe ji Kim iong Gun hang Mandarin simplified Chinese 金融银行 traditional Chinese 金融銀行 pinyin Jinrong Yinhang 6 References edit a b c d e f BDO 2020 2019 Annual Report PDF Report BDO Unibank Inc Directors and Management PSE Edge Retrieved February 16 2022 BDO Says 2016 Net Income a Record P26 1B GMA News Online February 24 2017 Retrieved February 16 2022 a b c d BDO Unibank on the Forbes World s Best Employers List Forbes Retrieved January 23 2019 Subsidiaries BDO Retrieved February 16 2022 金融銀行預計今年貸款增長8 至19 菲律賓商報 Chinese Commercial News April 20 2023 Retrieved May 3 2023 Agcaoili Lawrence July 26 2016 BDO Still Biggest Bank Landbank Overtakes BPI Philstar Global Retrieved February 16 2022 The World s Largest Public Companies Forbes Retrieved January 23 2019 BDO September 2016 Investor Presentation PDF Slide deck About BDO Business Operations BDO Retrieved February 16 2022 100 Top Stockholders as of September 30 2013 PSE Archived from the original on January 7 2014 Retrieved October 9 2013 PAGE 11 DEFINITIVE Information Statement of GLOBE TELECOM INC PDF Globe Telecom Investor Relations Retrieved April 4 2024 Mendez Christina Diaz Conrado Jr September 28 2002 SM s Banco de Oro to Buy First e Bank Philstar Global Retrieved February 16 2022 Mendez Christina Diaz Conrado Jr October 25 2002 Banco de Oro Takes Over First e Bank Operations Philstar Global Retrieved February 16 2022 Dumlao Doris May 28 2009 BDO Takes Over GE Money Bank Inquirer net Archived from the original on May 31 2009 Retrieved December 1 2011 Reyes Liza May 29 2009 BDO GE Money to Merge Operations ABS CBN News Retrieved February 16 2022 Factao Genivi November 14 2013 BDO to Acquire Citibank Savings BusinessMirror Archived from the original on January 3 2014 Retrieved January 3 2014 BDO to Acquire Deutsche Bank s Trust Business in Philippines Reuters February 23 2014 Retrieved February 27 2014 Montecillo Paolo G July 7 2014 BDO Acquires Real Bank Inquirer net Retrieved February 16 2022 Torres Ted P December 24 2014 BDO Acquires Largest Rural Bank Philstar Global Retrieved February 16 2022 Agcaoili Lawrence September 18 2019 BDO s One Network Bank Changes Corporate Name Philstar Global Retrieved February 16 2022 BDO Unibank April 15 2016 BDO Is the First Local Bank to Roll out EMV Debit Card Archived from the original on February 26 2022 via Facebook BDO Depositor s Thread Page 29 PinoyExchange Retrieved January 23 2019 External links editOfficial website nbsp Media related to BDO Unibank at Wikimedia Commons BDO Exchange Rate Today Retrieved from https en wikipedia org w index php title Banco de Oro amp oldid 1217329426, wikipedia, wiki, book, books, library,

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