International Exchange Bank, more commonly known as iBank, 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 ...

, ranking within the top twenty in terms of assets. It was acquired by the larger

Union Bank of the Philippines The Union Bank of the Philippines, Inc., more commonly known as UnionBank, is one of the universal banks in the Philippines and the ninth largest bank in the country by assets. UnionBank is a joint consortium among the Aboitiz Group, Insula ...

in mid-2006. Integration of the iBank brand into the UnionBank brand was completed in mid-2008.

History

iBank was founded as a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

on August 17, 1995, starting operations on September 25 of that year. It grew rapidly largely due to its consumer-oriented services which proved to be popular at the time. It was one of the many banks formed during the 1990s, when the administration of

Fidel V. Ramos Fidel Valdez Ramos (, ; March 18, 1928 – July 31, 2022), popularly known as FVR and Eddie Ramos, was a Filipino general and politician who served as the 12th president of the Philippines from 1992 to 1998. He was the only career military ...

and

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 July 3, 1993, pursuant to the provision of Republic Act 7653 or the New Central Bank Act ...

governor

Gabriel Singson Gabriel dela Cruz Singson (18 March 1929 – 29 March 2016) was lawyer and banker, who served as the first Governor of the Bangko Sentral ng Pilipinas (BSP) from 1993 to 1999. He was the first Governor of the BSP after former President Fidel V. ...

encouraged the formation of more banks, a policy since reversed today. On September 22, 2003, iBank joined

MegaLink MegaLink (also spelled Megalink) is a Philippine-based developer of mobile and banking software as well as a service provider for banks, specifically for automatic teller machine networks and point of sale systems of banks in the country. Fro ...

and unveiled its iDeal ATM card. At the time of its launch, the iDeal card was revolutionary in the sense that it was the first ATM card to come with value-added benefits, such as shopping discounts. The bank listed on the

Philippine Stock Exchange The Philippine Stock Exchange, Inc. ( fil, Pamilihang Sapi ng Pilipinas; ) is the national stock exchange of the Philippines. The exchange was created in 1992 from the merger of the Manila Stock Exchange and the Makati Stock Exchange. Includin ...

on December 6, 2004, under the

ticker symbol A ticker symbol or stock symbol is an abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. In short, ticker symbols are arrangements of symbols or characters (generally Latin letters ...

IBNK. iBank was acquired by Union Bank of the Philippines on June 5, 2006 that saw 98.86% of all iBank shares being sold in a block sale, catapulting UnionBank to become the seventh-largest bank in the Philippines in terms of assets. In a well-attended event, employees and stockholders gathered on September 25, 2010 to commemorate the bank's 15th anniversary at the Makati Sports Club. The reunion is unprecedented in the banking industry in the country, where close to 600 employees organized to hold a program that rivals any other gathering by any existing bank as of September 2010; considering that the company was consolidated four years ago.

Ownership

: 98.86% *''Others'' (includes public stock): 1.14%

External links

International Exchange Bank website (courtesy of the Wayback Machine)
{{Authority control Companies based in Makati Defunct banks of the Philippines Banks established in 1995 Banks disestablished in 2007 2007 disestablishments in the Philippines

History

Ownership

See also

External links