Bank Of Commerce on:
[Wikipedia]
[Google]
[Amazon]
Bank of Commerce (), commonly known as BankCom, is a
BankCom has been operating since December 1963 and traces its origins to Overseas Bank of Manila with headquarters in Binondo, Manila. The bank has since evolved through different phases of growth. In 1980, Overseas Bank of Manila changed its name to Commercial Bank of Manila (ComBank). The following year, the Government Service Insurance System (GSIS) acquired ComBank. In 1984, ComBank acquired Royal Savings Bank.
Bank of Boston, one of the oldest and leading banks in the United States together with a local investment group acquired ComBank in 1988. The bank was then renamed Boston Bank of the Philippines.
In November 1991, the bank changed its official name to Bank of Commerce. With the buyout of Bank of Boston's majority interest in 1993, Bank of Commerce was placed under complete Filipino ownership. As part of its growth plans, Bank of Commerce acquired Pan Asia Bank and purchased selected assets and liabilities of Trader’s Royal Bank in 2001. These takeovers significantly increased the Bank’s presence in the banking industry.
In 2008, San Miguel Properties, Inc., a subsidiary of
Bangko Sentral ng Pilipinas
{{DEFAULTSORT:Bank Of Commerce Banks of the Philippines Companies based in Mandaluyong San Miguel Corporation subsidiaries Banks established in 1963 1963 establishments in the Philippines
universal bank
A universal bank is a type of bank which participates in many kinds of banking activities and is both a commercial bank and an investment bank as well as providing other financial services such as insurance. These are also called full-service ...
in the Philippines
The Philippines, officially the Republic of the Philippines, is an Archipelagic state, archipelagic country in Southeast Asia. Located in the western Pacific Ocean, it consists of List of islands of the Philippines, 7,641 islands, with a tot ...
and licensed by the Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on January 3, 1949, and then re-established on July 3, 1993 pursuant to the provision of Re ...
(BSP). BankCom is the banking arm of diversified conglomerate San Miguel Corporation (SMC). It has a total network of 140 Branches and 260 Automated Teller Machines (ATMs) located nationwide, as of December 31, 2020. As of 2022, BankCom is the fifteenth largest bank in the Philippines in terms of assets.
History
BankCom has been operating since December 1963 and traces its origins to Overseas Bank of Manila with headquarters in Binondo, Manila. The bank has since evolved through different phases of growth. In 1980, Overseas Bank of Manila changed its name to Commercial Bank of Manila (ComBank). The following year, the Government Service Insurance System (GSIS) acquired ComBank. In 1984, ComBank acquired Royal Savings Bank.
Bank of Boston, one of the oldest and leading banks in the United States together with a local investment group acquired ComBank in 1988. The bank was then renamed Boston Bank of the Philippines.
In November 1991, the bank changed its official name to Bank of Commerce. With the buyout of Bank of Boston's majority interest in 1993, Bank of Commerce was placed under complete Filipino ownership. As part of its growth plans, Bank of Commerce acquired Pan Asia Bank and purchased selected assets and liabilities of Trader’s Royal Bank in 2001. These takeovers significantly increased the Bank’s presence in the banking industry.
In 2008, San Miguel Properties, Inc., a subsidiary of San Miguel Corporation
San Miguel Corporation (), abbreviated as SMC, is a Philippine multinational conglomerate with headquarters in Mandaluyong, Metro Manila. The company is one of the largest and most diversified conglomerates in the Philippines. Originally fo ...
(SMC), and San Miguel Corporation Retirement Fund, the registered retirement plan of SMC Group employees, became the controlling shareholders of Bank of Commerce. San Miguel Properties, Inc. has 39.89% of ownership and San Miguel Corporation Retirement Fund has 39.94% of ownership, as of December 31, 2019.
On January 16, 2013, the Securities and Exchange Commission (SEC) approved the extension of the corporate life of Bank of Commerce for another 50 years from December 16, 2013.
Lehman Brothers' exposure
On September 17, 2008,Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on January 3, 1949, and then re-established on July 3, 1993 pursuant to the provision of Re ...
announced that 7 Philippine banks have $386M in exposure to Lehman Brothers
Lehman Brothers Inc. ( ) was an American global financial services firm founded in 1850. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merril ...
. Bank of Commerce was one of those affected having $15 million in exposure to the bankrupt US investment banking giant but the bank’s exposure was fully provided for as with the other affected banks.
References
External links
* *Bangko Sentral ng Pilipinas
{{DEFAULTSORT:Bank Of Commerce Banks of the Philippines Companies based in Mandaluyong San Miguel Corporation subsidiaries Banks established in 1963 1963 establishments in the Philippines