Allied Banking Corporation (now

Philippine National Bank The Philippine National Bank (PNB, Filipino/ tl, Bangko Nasyonal ng Pilipinas, lit=; es, Banco Nacional Filipino; Hokkien ) is one of the largest banks in the Philippines. It was established by the Philippine government on July 22, 1916, duri ...

) was one of the largest

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

s in the

Philippines The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no), * bik, Republika kan Filipinas * ceb, Republika sa Pilipinas * cbk, República de Filipinas * hil, Republ ...

. On February 9, 2013, the bank was merged with Philippine National Bank, creating the fourth largest private domestic bank in the Philippines.

History

As a spinoff from the acquisition of the insolvent General Bank and Trust for a pittance, Allied Bank was incorporated under the laws of the Republic of the Philippines on April 11, 1977, and granted by the Central Bank of the Philippines the Certificate of Authority to operate as a commercial bank on May 20, 1977. It formally opened for business on June 2, 1977. On August 19, 1977, it was authorized to operate an expanded foreign currency deposit unit (FCDU) and in December 1981 granted to operate as expanded commercial bank or universal bank. As of December 31, 2007, Allied Bank was the 9th largest private domestic commercial bank in the country in terms of total deposits, and the 10th largest in terms of net worth. Aside from its 283 domestic branches/offices, Allied Bank had two off-shore (OBU) branches in Bahrain and Guam; a wholly owned subsidiary in the United Kingdom (Allied Bank (UK) Plc); a majority-owned subsidiary in Hong Kong (Allied Banking Corporation (Hong Kong), Ltd.); a majority-owned commercial bank subsidiary in Xiamen, Fujian Province, People's Republic of China (Allied Commercial Bank), and an affiliate commercial bank based in San Francisco, California, USA with a branch in Guam (Oceanic Bank). Representative offices were established in Australia, Germany, Italy, Japan, Singapore, and Spain. In the Philippines, the universal banking group of Allied Bank included a wholly owned savings bank, the Allied Savings Bank, wholly owned Allied Forex Corp., and an affiliate Allied Leasing and Finance Corporation. On December 7, 2007, the

Supreme Court of the Philippines The Supreme Court ( fil, Kataas-taasang Hukuman; colloquially referred to as the ''Korte Suprema'' lso used in formal writing is the highest court in the Philippines. The Supreme Court was established by the Second Philippine Commission on Ju ...

affirmed a

judgment Judgement (or US spelling judgment) is also known as ''adjudication'', which means the evaluation of evidence to make a decision. Judgement is also the ability to make considered decisions. The term has at least five distinct uses. Aristotle s ...

dismissing the state's sequestration of

Lucio Tan Lucio Chua Tan Sr. (; born July 17, 1934) is a Filipino business magnate, investor, and philanthropist. He presides over the Filipino conglomerate company LT Group, Inc., a company with extensive business interests in sports, banking, airline ...

's companies: "There can be no question that indeed, petitioner's (the government's) orders of sequestration are void and have no legal effect." The landmark decision would trigger a planned merger between

(PNB) and Tan's Allied Banking Corporation. Edgar Bancod, research head, ATR-Kim Eng Securities, stated that the merged bank would become the country's fourth biggest after Metropolitan Bank & Trust Co., Banco de Oro-EPCIB, and the Bank of the Philippine Islands. On February 9, 2013, the PNB-Allied Bank merger was completed, adopting the name Philippine National Bank. Tarriela will be the chairman and Mier will be the chief executive of the merged bank.

Subsidiaries and affiliates

Domestic bank affiliates

*Allied Bankers Insurance Corporation *Allied Leasing and Finance Corporation *Allied Savings Bank

International bank affiliates

*Allied Bank Philippines (UK) Plc *Allied Banking Corporation (Hong Kong) Ltd. *Allied Commercial Bank *

Oceanic Bank Oceanic Bank International, commonly referred to as Oceanic Bank, was a bank in Nigeria that provided individual, commercial and corporate banking services. History Oceanic Bank was incorporated on March 26, 1990, as a private limited liability ...

Competition

Allied Bank's main competitors were major Philippine banks like Metrobank,

Bank of the Philippine Islands Bank of the Philippine Islands ( fil, Bangko ng Kapuluang Pilipinas, es, Banco de las Islas Filipinas, commonly known as BPI; ) is a universal bank in the Philippines. It is the first bank in both the Philippines and Southeast Asia. It is t ...

(BPI), Banco de Oro (BDO) and

Landbank Land Bank of the Philippines (LBP; often referred to simply as LandBank), is a Government-owned and controlled corporation, government-owned bank in the Philippines with a special focus on serving the needs of farmers and fisherman, fishermen. ...

References