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Equitable PCI Bank and Banko De Oro
Equitable PCI Bank, Inc. (PSE: EPCI) was one of the largest banks in thePhilippines, being the third-largest bank in terms of assets. Equitable PCI Bank was the largest bank before it was overtaken by Metrobank in 1995. It is the result of the merger of Equitable Banking Corporation and Philippine Commercial International Bank, or PCIBank. It was known for a wide range of services from savings to insuranceand, through its wholly owned subsidiary Equitable CardNetwork, was the largest Philippine credit card issuer. The bank merged with Banco de Oro Universal Bank in early 2007, and is now branded as "BDO" as its new identity as part of the new Banco de Oro Unibank, Inc. Equitable PCI Bank History The shares of the Lopez and Gokongwei Families were sold to the SSS and GSIS which acquired 78% of PCI Bank shares that were bought by the Go-Led Equitable Banking Corporation and they merged in 1999 and was approved by the Bangko Sentral and other agencies that had created the Third Largest Philippine Bank with Equitable as the survivor of the merger and the name Equitable PCI Bank was adopted. With Head offices at The former PCI Bank Towers I&II that were renamed to the Equitable PCI Bank Towers I&II and the Equitable Banking Corporation Binondo Center and at the Equitable Banking Corporation Tower also in Makati.. The Bank also played in a very important role in the impeachement trial of the former president Joseph Estrada of which the bank produced Fifteen Witnesses(Along with nine banks namely Citibank, Philippine Savings Bank, Bank of the Philippine Islands, Security Bank, Land Bank of the Philippines, Urban Bank, Export and Industry Bank, Asia United Bank and Keppel Bank) to prove that the 'Jose Velarde' account was owned the President Estrada(which also investment on the merger of the Equitable Banking Corporation and then the Lopez-Gokongwei led Philippine Commercial International Bank). On August 5, 2005, the SM Group of Companies and Banco de Oro Universal Bank announced that they have purchased a 24.76% stake of Equitable PCI from the Go family(Equitable Banking Corporation), the family that founded the bank, along with a 10% stake in Equitable CardNetwork. Subsequent acquisitions by Banco de Oro enabled it to gain a 34% share in the bank. On January 6, 2006, Banco de Oro Universal Bank submitted a merger offer to the bank - with Banco de Oro as the surviving entity. Under the proposed offer, Banco de Oro will swap 1.6 of its shares for every 1 share of Equitable-PCI(Merger occurred but BDO Shareholders were to swap 1.8 BDO shares for every EPCI Share) . As a second option, Banco de Oro also offered to base the swap ratio on the book values of both banks to be assessed by an independent accounting firm using International Accounting Standards. With the success of this merger, Banco de Oro became the second largest bank with assets of P613 billion, just next to current industry leader, Metropolitan Bank and Trust Company with assets of more than P641.5 billion. The merger demoted the Bank of the Philippine Islands down to third place with P582 billion in assets. BDO has since surpassed Metrobank in asset, loan and deposit sizes to become the largest lender in the Philippines.
Equitable Bank History On June 17, 1950, Equitable Banking Corporation was founded by Go Kim Pah as the first commercial bank in the Philippines licensed by the newly formed Central Bank of the Philippines (now Bangko Sentral ng Pilipinas). Other commercial banks like Bank of the Philippine Islands were formed and licensed during the Spanish or American regimes. However, it was not until 1955 that Equitable opened its first branch in Divisoria. In 1958, Equitable established the only direct telex service between the Philippines and Japan at the time, with initial messages exchanged between Equitable and Chase Manhattan Bank of Tokyo. On August 15, 1963, Equitable established its first branch outside the Philippines in Hong Kong and only International Branch, the first time a Philippine bank opened a branch in the city. Two years later, on March 26, 1965, Equitable opened its first provincial branch in Cebu City. By 1972, Equitable emerged as the country's premier bank. In 1989, Equitable turned its credit card department into a wholly owned subsidiary, Equitable CardNetwork. With three other banks, namely Far East Bank and Trust Company (since merged with the Bank of the Philippine Islands, Philippine National Bank, and United Coconut Planters Bank, it formed Megalink, then the Philippines' largest ATM network. On July 27, 1996, Equitable Savings Bank was established as Equitable's savings bank arm. Equitable listed on the Philippine Stock Exchange on April 3, 1997, and in 1999, In 1977, the bank received its foreign currency license from the BSP and in 1980, issued its first credit cards under the VISA (credit card)and Visa brand. In 1987, Equitable became a universal bank and was appointed the clearing house of the Makati Stock Exchange, now the Philippine Stock Exchange. PCIBank History PCIBank was established on July 8, 1938 as the Philippine Bank of Commerce by sugar farmers from the Visayas region then it was the first Filipino-owned private commercial bank in the country. Then in the 1960s Benpres Holding Corp(now Lopez Holdings Corporation) bought out the majority stake in the PBC and they renamed it to the Philippine Commercial and Industry Bank(PCIBank). Then in the 1980s the Gokongwei Group headed by taipan John Gokongwei entered the Joint Venture buying about 33% of PCIBank shares then he appointed Rafael Buenaventura to head PCIBank as President and CEO. Also in the 1980s proved hard for the Lopezes because all of their businesses were seized by Pres. Marcos. To this day The Romualdez-Lopez Dispute case still remains at court. Also in the 1980s when Gokongwei entered PCIBank he also owned Far East Bank and Trust Co and talks of a merger surfaced which would have created the largest bank in the Philippines then. PCIBank formed BancNet along with Security Bank, Chinabank, RCBC,Allied Bank (Merged with PNB), Metrobank, International Corporate Bank (now part of UnionBank), and Citytrust Savings Bank formedBancNet. BancNet was also the brainchild of one of PCIBank's senior officers Mr. Ramon Arceo Jr. the Senior Vice President(now works as UCPB's President). And due to pressures from President Erap estrada the Lopez and Gokongwei Families sold their shares to the SSS and GSIS and they were auctioned and the victors Equitable Banking Corp a well known crony of the Pres. Estrada had them merged with Equitable as survivor of the merger. PCIBank also had 3 companies listed at the Philippine Stock Exchange namely PCIBank itself(PSE:PCI), Bankard; Now an affiliate of RCBC(PSE:BKD)and PCI Leasing and Finance(PSE:PCIL) now named BDO Leasing and Finance(PSE:BLFI).
Philippine National Bank and Allied Bank
The Philippine National Bank (PNB, Filipino: Bangko Nasyonal ng Pilipinas orPambansang Bangko ng Pilipinas, Castilian Spanish: Banco Nacional de Agricola de Filipinas) (PSE: PNB) is one of the largest banks in the Philippines. The bank was acquired by tycoon Lucio Tan after it was privatized by the government. It rose to become the fifth largest bank in the Philippines after its merger with the Tan-ownedAllied Bank. It was established by the Philippine government on July 22, 1916, during the American colonial period, and became the first universal bank in the Philippines in 1980. PNB had 331 branches in the Philippines and 13 branches in the overseas as of end 2011. Allied Bank, formally known as Allied Banking Corporation, was one of the largestbanks in the Philippines. It is also one of two universal banks in the Philippines not to be traded on the Philippine Stock Exchange, the other being the United Coconut Planters Bank. Recently, the merger between two Lucio Tan-led banks namely Allied Bank and the Philippine National Bank was completed last February 9, 2013. The merger resulted into the 4th largest private domestic bank of the Philippines. The new bank will carry PNB. 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 was 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 has 2 off-shore (OBU) branches in Bahrain and Guam; 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 includes 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 affirmed a judgment dismissing the state's sequestration of Lucio Tan'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 between Philippine National Bank (PNB) and another Tan's Allied Banking Corporation. Edgar Bancod, research head, ATR-Kim Eng Securities, stated that the merged bank would become the country's 4th biggest after Metropolitan Bank & Trust Co., Banco de Oro-EPCI Inc., and Bank of the Philippine Islands.  On February 9, 2013, the PNB-Allied Bank merger was completed and adopts the Philippine National Bank brand, making the merged bank as the 4th largest private domestic bank. Tarriela will be the chairman and Mier will be the chief executive of the merged bank.
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