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 BDO Corporate Center Ortigas, current headquarters of Banco de Oro inMandaluyong, Philippines. | |
| Banco de Oro | |
| Company type | Public |
| PSE: BDO | |
| Industry | Finance and insurance |
| Predecessor | Equitable PCI Bank |
| Founded | Manila,Philippines January 2, 1968; 57 years ago (1968-01-02) (as Acme Savings) November 1976; 49 years ago (1976-11) (as Banco de Oro) |
| Headquarters | BDO Corporate Center,Ortigas Center,Mandaluyong, Philippines |
Number of locations | 1,434branches (2016) 4,466ATMs (2016)[1] |
Area served | Asia North America Europe Middle East |
Key people | Teresita T. Sy-Coson (chairperson)[2] Nestor Tan (president andCEO) |
| Services | Financial services |
| Revenue | ₱221.19 billion$4.61 billion(FY 2019) |
₱44.19 billion$920.51 million ( 4.3%) (2019)[3][1][4] | |
| AUM | ₱1.16 trillion$24.26 billion (12%) (2019)[1][4] |
| Total assets | ₱3.19 trillion$66.42 billion (12%) (2019)[1][4] |
| Total equity | ₱368.93 billion$7.68 billion (9%) (2019)[1] |
Number of employees | 38,510 (2019)[1] |
| Parent | SM Investments Corporation |
| Subsidiaries |
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| Website | www |
BDO Unibank, Inc., commonly known asBanco de Oro (BDO),[a] is a Philippine banking company based inMandaluyong, Philippines. BDO Unibank is a member of theSM Group and so can be found atSM Malls throughout the country.
BDO is the largest bank in the Philippines by total assets, and 15th largest in Southeast Asia by total assets, as of March 31, 2016.[7][8] It is the largest bank in the country bymarket capitalization,[4] and has the largest distribution network with over 1,300 operating branches and more than 4,000 ATMs nationwide.[citation needed][when?]
BDO is a full-serviceuniversal bank. It provides products and services to the retail and corporate markets, including lending (corporate,middle market, SME, and consumer), deposit-taking,foreign exchange,brokering,trust andinvestments,credit cards, corporate cash management andremittances. Through its subsidiaries, the bank offers leasing and financing,investment banking,private banking, bancassurance,insurance brokerage andstockbrokerage services.[9]
BDO, in its present form, is a result of a merger between the original Banco de Oro Universal Bank and theEquitable PCI Bank in 2007. BDO's main competitors are majorPhilippine banks likestate-ownedLand Bank of the Philippines,Metropolitan Bank and Trust Company andBank of the Philippine Islands.
BDO Unibank was established on January 2, 1968 as Acme Savings Bank, athrift bank with just two branches in the area beforeMetro Manila was formed. In November 1976, Acme was acquired by theSM Group, the group of companies owned by retail magnateHenry Sy, and renamed Banco de Oro Savings and Mortgage Bank.
In December 1994, BDO became acommercial bank and was renamed Banco de Oro Commercial Bank. In September 1996, BDO became auniversal bank, which led to the bank's name being changed to the current Banco de Oro Universal Bank (BDO Unibank).
BDO Unibank eventually became involved in insurance services in 1997 (it is abancassurance firm) by establishing a subsidiary called BDO Insurance Brokers. In 1999, BDO Unibank expanded its insurance services through partnerships with Zamora Assurance and Assicurazoni Generali s.p.a. (Generali), one of the world's largest insurance firms, and Jerneh Asia Berhad, a member of Malaysia'sKuok Group. In March 2000, BDO Unibank partnered with Generali Pilipinas Life Assurance Company and Generali Pilipinas Insurance Company.
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The current bank is the product of theBanco de Oro–Equitable PCI Bank merger. The boards of both banks agreed to merge on December 27, 2006. The new BDO Unibank retained the ticker symbol of the old Banco de Oro, and 1.3 billion BDO shares were issued in exchange for 727 millionEquitable PCI Bank shares. Equitable PCI Bank was de-listed on June 4, 2007.
The entity was initially known as Banco de Oro-EPCI, Inc., but announced that it would go by the name Banco de Oro Unibank, Inc. starting February 2007. In 2010 Banco de Oro changed its name to BDO Unibank, Inc.
As of 2020, BDO has the largest distribution network[citation needed] with over 1,400 operating branches and more than 4,400 ATMs nationwide. It is the country's largest bank in terms of consolidated resources, customer loans, deposits, assets under management and capital, as well as branch and ATM network nationwide as of 2022.[10]
While the Philippine Central Depository (PCD) is listed a major shareholder, it is more of a trustee-nominee for all shares lodged in the PCD system rather than a single owner/shareholder. Major beneficial shareholders (i.e. those who own at least 5% of outstanding capital stock with voting rights) hidden, if any, under the PCD system are checked/identified and are disclosed with the Definitive Information Statement companies are submitting annually to thelocal bourse andSecurities and Exchange Commission[12][13]
BDO is divided into the following subsidiaries and affiliates:
On June 15, 2001, BDO Unibank merged withDao Heng Bank's Philippine subsidiary, with BDO Unibank as the surviving entity. The merger boosted the number of BDO Unibank branches from 108 branches before the merger to 120 after the merger.
In September 2002, Metro Pacific Corporation (now Neo Oracle Holdings Inc.) sold the operations and 57 branches of 1st e-Bank (formerly PDCP Bank) including its Smart MoneyMastercard debit card issuer (which is a partnership withSmart Communications until 2017) to BDO Unibank.[14] it later formally acquired and merged in October of the same year, All 1st e-Bank branches completed integration into the BDO Unibank network, increasing the Bank's number of branches to 177.[15]
In August 2003, BDO Unibank. acquired the local banking unit ofBanco Santander with its commercial and other licensed activities to becomeBDO Private Bank, a fully owned subsidiary of BDO Unibank. The main goal the BDO Private Bank is to create market share in thePrivate banking/Modern Affluent Market segment by penetrating key areas in BDO Unibank's network. This is to complement and explore how the BDO Unibank Group can service all the financial and investment needs of the client.
In late April 2005,United Overseas Bank sold 66 out of the 67 branches of its Philippine subsidiary to BDO Unibank after UOB's Philippine subsidiary decided to rationalize its operations from retail to wholesale banking. All UOB branches completed integration into the BDO Unibank, Inc network on March 22, 2006, increasing the BDO's number of branches to 220.
On August 5, 2005, BDO Unibank and an SM subsidiary,SM Investments, bought 24.76% of the shares ofEquitable PCI Bank, the Philippines' third-largest bank, and 10% of an Equitable PCI affiliate, Equitable CardNetwork, one of the Philippines' largestcredit card issuers, from the Go Family which founded the bank. BDO Unibank has also been offered a further 10% by another Equitable PCI affiliate, EBC Investments, and a deal is being made to buy (awaiting court approval) the 29% stake of theSocial Security System (SSS), the Philippines' private sector workers'pension fund. Subsequent acquisitions enabled the bank to acquire a 34% stake in Equitable PCI.
On December 1, 2005, BDO Unibank shares were listed as a component of thePSE Composite Index for the first time.
On January 6, 2006, BDO Unibank, with the SM Group of Companies, submitted to Equitable PCI a merger offer with BDO Unibank as the surviving entity. Under the proposal, BDO Unibank will swap 1.6 of its shares for every 1 Equitable PCI share. As a second option, BDO Unibank also offered to base theswap ratio on the book values of both banks to be assessed by an independent accounting firm using International Accounting Standards (IAS). To effect the merger, BDO Unibank needs consent of Equitable PCI shareholders representing 67% of Equitable PCI. These include the Social Security System (SSS) with 29%, theGovernment Service Insurance System (GSIS) with 14%, and the family of Equitable PCI chairmanFerdinand Martin Romualdez with eight percent. BDO Unibank said that the proposed "merger of equals" would create the country's second biggest bank with assets of about₱608 billion (as of June 2007), just next to Metrobank with₱669.1 billion (as of June 2007), the current banking industry leader in the Philippines.Bank of the Philippine Islands is the current third biggest bank in the Philippines with P592.6 billion (as of June 2007). BDO Unibank has asked Equitable PCI to study their offer until January 31, 2006.
BDO Unibank President Nestor Tan also expressed of a possibility of a three-way merger with Chinabank, also an SM Group-controlled bank. Tan said that the proposed Banco de Oro-Equitable PCI merger would consolidate the strengths of BDO Unibank and Equitable PCI in consumer lending and result in a dominant player in middle-market lending and a market leader in money remittance volumes, branch banking, trust and corporate banking with the combined network of 685 branches located in the Philippines and abroad.
Although Romualdez and the GSIS have shown stiff opposition to the BDO Unibank-Equitable PCI merger, the SSS is still studying the possibility of a merger. In fact,UBS studied the deal and claims that the merger through the stock swap option is a "win-win" situation. It also claims that the deal under IAS standards are timely enough to facilitate the merger and that with the merger, Equitable PCI shareholders, under UBS calculation, would see the value of their shares increase to about₱73.60 per share, more than thefair value target price of₱67.
With Equitable PCI and BDO Unibank merging fully realized, BDO Unibank now stands as the largest bank in terms of asset in the Philippines. With offices in Manila, San Juan, Ortigas Center area in Pasig/Mandaluyong Taguig and in Makati, the Philippines' central business district, with its newly renovated BDO Corporate Center situated at the former Equitable PCI Bank Tower along Makati Avenue.
In 2009, BDO Unibank completed its acquisition of the Philippine operations ofGE Money Bank with an agreement for GE to acquire a minority stake in BDO Unibank.[16] In a definitive agreement signed by the two institutions,GE Capital will acquire a 1.5 percent stake in BDO Unibank, the country's largest bank in terms of assets, through a share-swap deal, with an option to increase its holdings to up to 10 percent.[17] The takeover will involve absorption of GE Money Bank's 31 branches, 30,000 customers, and 38 ATMs nationwide.
On November 14, 2013, BDO Unibank. announced its plan to acquire 99.99 percent of Citibank Savings Inc. Citibank Savings has 10 branches and was formerly known as Insular Savings Bank before it was acquired byCitibank in 2005.[18]
In February 2014, BDO Unibank. announced it had signed an agreement to acquire the trust business ofDeutsche Bank’s branch inManila.[19]
In July 2014, BDO Unibank. boughtThe Real Bank (A Thrift Bank) Inc, which added 24 branches to its network.[20]
Before the end of December 2014, BDO Unibank acquiredOne Network Bank, the country's largest rural bank with 105 branches.[21]
One Network Bank changed its name to BDO Network Bank in 2019.[22]
BDO is the first local bank in the country to roll out a debit card with anEMV chip embedded on it. The EMV chipping system, just like the ones on credit cards will alsoenhance the security of thedebit card holders. The cards were released in 2016.[23]
In 2017, they also introduced the EMVVisa Debit Card.[24]
Media related toBDO Unibank at Wikimedia Commons| Universal banks | |
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| Government banks | |
| Commercial banks | |
| Thrift banks | |
| Digital banks | |
| Other banks | |
| Defunct |
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