The Philippine Savings Bank () (shortened as PSBank or abbreviated as PSB) is a

savings bank A savings bank is a financial institution whose primary purpose is accepting savings account, savings deposits and paying interest on those deposits. History of banking, They originated in Europe during the 18th century with the aim of providi ...

based 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 ...

. It is a subsidiary of Metrobank and is the 2nd-largest savings bank in the Philippines after BPI Family Savings Bank.

Subsidiaries and affiliates

PSBank is a subsidiary of Metrobank, and as such is affiliated with it. PSBank is also affiliated with Toyota Financial Services Philippines Corporation (TFSPC), where it currently has a 25% stake.

Ownership

Metropolitan Bank and Trust Company The Metropolitan Bank and Trust Company (), commonly known as Metrobank, is the fourth largest bank in the Philippines. It offers various financial services, from regular banking to insurance. It is the commercial and retail banking arm of GT Ca ...

: 75.98% *PCD Nominee Corporation: 5.86% *Danilo L. Dolor (son of Doña Soledad Dolor): 5.04% *Erlinda L. Dolor: 2.95% *Ma. Soledad S. de Leon: 1.67% *Public stock: 4.01%

Competition

PSBank competes with other savings banks, such as BPI Family Savings Bank and RCBC Savings Bank. The bank is also competing against multinational savings bank such as Citibank Savings and

HSBC Savings HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tr ...

. However, since PSBank is considered a major bank, it also competes with bigger financial institutions. It does not, however, aggressively compete with parent company Metrobank.

Controversies

Impeachment of Renato Corona

PSBank officials were about to receive a subpoena request in connection with the

Impeachment of Renato Corona Renato Corona, the 23rd chief justice of the Supreme Court of the Philippines, was impeached on December 12, 2011. Corona was the third official, after former President Joseph Estrada in 2000 and Ombudsman Merceditas Gutierrez in March 2011, ...

due to the allegations of a secret US$ account under the name of

Renato Corona Renato Tereso Antonio Coronado Corona (October 15, 1948 – April 29, 2016) was a Filipino judge who was the 23rd chief justice of the Philippines from 2010 to 2012. He served as an associate justice after being appointed by President Gloria ...

. In addition, the PSBank executives were also asked to bring consumer identification and specimen signature card(s) of the bank account(s) under Corona's name which won P1 million in the PSBank Monthly Millions Raffle Promo.

Pork Barrel Case

During the senate investigations involving the

Priority Development Assistance Fund scam The Priority Development Assistance Fund scam, also called the PDAF scam or the pork barrel scam, is a political scandal involving the alleged misuse by several members of the Congress of the Philippines of their Priority Development Assistance ...

, also known as the pork barrel scam, PSBank was one of the domestic Philippine banks included in the senate inquiry about the bank accounts of the whistleblowers. Moreover, PSBank was also included as one of the banks from which Sen. Ramon Revilla Jr. and his family, as well as those of Janet Lim-Napoles and her pseudo-NGOs, have utilized to launder the controversial “pork barrel” funds.

References

External links

PSBank Official website
{{Banks of the Philippines Banks of the Philippines Companies listed on the Philippine Stock Exchange Companies based in Makati