News on mergers, acquisitions, name changes, and upgrades
July 4, 2015
There are now 5 foreign banks approved by the BSP to do business in the Philippines. They're allowed to buy up to 100% of a Philippine bank, with restrictions on the share of assets held by all foreign banks in the Philippine banking system. The 5 banks are:
. Sumitomo Mitsui (Japan)
. Shinhan Bank (South Korea)
. Cathay United (Taiwan)
. Industrial Bank of Korea (South Korea)
. Yuanta Bank (Taiwan)
July 2, 2015
Philippine Business Bank, the country's fourth biggest savings bank in terms of assets as of December 2014, has acquired Insular Savers Bank Inc., the rural bank that arose from the June 30, 2015 merger of Insular Rural Bank Inc. and Filipino Savers Bank Inc. (A Rural Bank).
June 30, 2015
Insular Rural Bank Inc. and Filipino Savers Bank Inc. (A Rural Bank) have merged to become a consolidated bank named Insular Savers Bank Inc. (A Rural Bank). Insular Savers started operating as a rural bank on June 1, 2015.
June 18, 2015
At least 12 foreign and local banks have expressed their intent to buy the Philippine government's controlling stake in the United Coconut Planters Bank (UCPB). Among these are:
. Mitsubishi UFJ Financial Group Inc. of Japan
. BDO Unibank
. Philippine National Bank
. China Banking Corp.
. East West Banking Corp.
. Robinsons Bank
June 10, 2015
BDO will also now sell life insurance. It has acquired life insurance company Generali Pilipinas Life Assurance Company (GPLAC) and its parent company Generali Pilipinas Holdings Company Inc. (GPHC). GPLAC and GPHC will be renamed BDO Life Assurance Company Inc. and BDO Assurance Holdings Corp., respectively.
May 6, 2015
Bangko Mabuhay (A Rural Bank), Inc. is the name of the rural bank formed from the merger of Rural Bank of Tanza (Cavite), Inc., also known as Bangko Mabuhay, and the Rural Bank of Teresa (Rizal). Bangko Mabuhay started operating as a consolidated rural bank on April 1, 2015.
April 21, 2015
Bank of Makati (A Rural Bank) Inc. is now a Thrift Bank.
Its new name is Bank of Makati (A Savings Bank) Inc.
It started operating as a thrift bank on April 15, 2015.
March 29, 2015
BDO Unibank Inc. has announced that its acquisition of One Network Bank, the biggest rural bank in the country, has been approved by the BSP. One Network Bank will continue to operate as an independent company.
March 19, 2015
The House bill to authorize the merger of the Development Bank of the Philippines (DBP) and LandBank has been approved by the House Committee on Banks and Financial Intermediaries. LandBank was proposed to be the surviving entity.
January 30, 2015
The corporate name Allied Savings Bank has been changed to PNB Savings Bank.
Name change was authorized by the BSP on August 8, 2014.
July 4, 2015
There are now 5 foreign banks approved by the BSP to do business in the Philippines. They're allowed to buy up to 100% of a Philippine bank, with restrictions on the share of assets held by all foreign banks in the Philippine banking system. The 5 banks are:
. Sumitomo Mitsui (Japan)
. Shinhan Bank (South Korea)
. Cathay United (Taiwan)
. Industrial Bank of Korea (South Korea)
. Yuanta Bank (Taiwan)
July 2, 2015
Philippine Business Bank, the country's fourth biggest savings bank in terms of assets as of December 2014, has acquired Insular Savers Bank Inc., the rural bank that arose from the June 30, 2015 merger of Insular Rural Bank Inc. and Filipino Savers Bank Inc. (A Rural Bank).
Insular Rural Bank Inc. and Filipino Savers Bank Inc. (A Rural Bank) have merged to become a consolidated bank named Insular Savers Bank Inc. (A Rural Bank). Insular Savers started operating as a rural bank on June 1, 2015.
June 18, 2015
At least 12 foreign and local banks have expressed their intent to buy the Philippine government's controlling stake in the United Coconut Planters Bank (UCPB). Among these are:
. Mitsubishi UFJ Financial Group Inc. of Japan
. BDO Unibank
. Philippine National Bank
. China Banking Corp.
. East West Banking Corp.
. Robinsons Bank
June 10, 2015
BDO will also now sell life insurance. It has acquired life insurance company Generali Pilipinas Life Assurance Company (GPLAC) and its parent company Generali Pilipinas Holdings Company Inc. (GPHC). GPLAC and GPHC will be renamed BDO Life Assurance Company Inc. and BDO Assurance Holdings Corp., respectively.
May 6, 2015
Bangko Mabuhay (A Rural Bank), Inc. is the name of the rural bank formed from the merger of Rural Bank of Tanza (Cavite), Inc., also known as Bangko Mabuhay, and the Rural Bank of Teresa (Rizal). Bangko Mabuhay started operating as a consolidated rural bank on April 1, 2015.
April 21, 2015
Bank of Makati (A Rural Bank) Inc. is now a Thrift Bank.
Its new name is Bank of Makati (A Savings Bank) Inc.
It started operating as a thrift bank on April 15, 2015.
March 29, 2015
BDO Unibank Inc. has announced that its acquisition of One Network Bank, the biggest rural bank in the country, has been approved by the BSP. One Network Bank will continue to operate as an independent company.
The House bill to authorize the merger of the Development Bank of the Philippines (DBP) and LandBank has been approved by the House Committee on Banks and Financial Intermediaries. LandBank was proposed to be the surviving entity.
January 30, 2015
The corporate name Allied Savings Bank has been changed to PNB Savings Bank.
Name change was authorized by the BSP on August 8, 2014.