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{{Infobox_Company | company_name = Banco de Oro Universal Bank |
company_logo = ]|
company_type = Public company ([Philippine Stock Exchange: [http://www.pse.com.ph/html/ListedCompanies/listedcompanyinfo.jsp?securitySymbol=BDO BDO)|
company_slogan = We find ways|
foundation =
Manila, [Philippines ([)|
location = [Mandaluyong City, [Philippines |
key_people = Teresita T. Sy, Chairwoman
Nestor V. Tan, President and CEO |
num_employees = 4,048|
industry = [Finance and Insurance |
products = [Financial Services|
homepage = http://www.bdo.com.ph www.bdo.com.ph|
net_income = P2.54 billion Philippine peso ({{profit-->29%) ([) http://www.sminvestments.com/news_detail.php?&newsID=257
-->
This article is about the bank before the Banco de Oro-Equitable PCI Bank merger. For the bank after the merger, see Banco de Oro.
Banco de Oro Universal Bank (), commonly known as
Banco de Oro,
BDO, or sometimes
BDO Unibank, was the fifth-largest bank in the Philippines. It is owned by the
SM Group of Companies, one of the country's largest conglomerates and owner of the SM chain of malls. Following the
Banco de Oro-Equitable PCI Bank merger, the bank has since become
Banco de Oro.
History
Banco de Oro had its humble beginnings on
January 2,
1968, when it started off as a thrift bank called
Acme Savings Bank. With two branches in Metro Manila, Acme was one of the smallest banks in the Philippines at the time.
In November of
1976, Acme was acquired by the
Sy Group, the group of companies currently owned by retail magnate Henry Sy, and renamed Banco de Oro Savings and Mortgage Bank.
In December of
1994, BDO became a commercial bank. To reflect the bank's new status, BDO was renamed Banco de Oro Commercial Bank, and in September of
1996, BDO became a
universal bank, which led to the bank's name being changed to the current Banco de Oro Universal Bank. It is one of the many banks owned by a Chinese-Filipino in the Philippines (others include Metropolitan Bank and Trust Company and Chinabank).
BDO eventually became involved in insurance services in 1997 (it is a bancassurance firm) by establishing a subsidiary called
BDO Insurance Brokers. In
1999, BDO expanded its insurance services through partnerships with Assicurazoni Generali s.p.a., one of the world's largest insurance firms, and Jerneh Asia Berhad, a member of Malaysia's
Kuok Group. Later, BDO partnered up with its insurance affiliates, which are Generali Pilipinas Life Assurance Company and Generali Pilipinas Insurance Company, in March of
2000.
On
June 15,
2001, BDO merged with
Dao Heng Bank's Philippine subsidiary, with BDO as the surviving entity. The merger boosted the number of BDO's branches from 108 branches before the merger to 120 after the merger. In late
April 2005,
United Overseas Bank sold 66 out of its Philippine subsidiary's 67 branches to BDO after UOB's Philippine subsidiary is set to rationalize its operations from retail to wholesale banking. All UOB branches completed integration into the BDO network on
March 22, 2006, increasing the number of Banco de Oro branches to 220.
On August 5, 2005, Banco de Oro and an SM subsidiary, SM Investments, bought 24.76% of the shares of Equitable PCI Bank, the Philippines' third-largest bank, and 10% of an Equitable PCI affiliate, Equitable CardNetwork, one of the Philippines' largest
credit card issuers, from the family that founded the bank, the Go family. BDO 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 the
Social Security System (Philippines) (SSS), the Philippines'
pension fund. Subsequent acquisitions enabled the bank to acquire a 34% stake in Equitable PCI.
On
December 1, 2005, Banco de Oro shares were listed as a component of the
PSE Composite Index for the first time.
On
January 6,
2006, Banco de Oro, with the SM Group of Companies, submitted to Equitable PCI a merger offer with Banco de Oro as the surviving entity. Under the proposal, Banco de Oro will swap 1.6 of its shares for every 1 Equitable PCI 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 (IAS). To effect the merger, Banco de Oro needs consent of Equitable PCI shareholders representing 67 % of Equitable PCI. These include the Social Security System (SSS) with 29 %, the
Government Service Insurance System (GSIS) with 14 %, and the family of Equitable PCI chairman Ferdinand Martin Romualdez with eight percent. Banco de Oro said that the proposed "merger of equals" would create the country's second biggest bank with assets of about P608 billion (as of June 2007), just next to Metrobank with P669.1 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). Banco de Oro has asked Equitable PCI to study their offer until January 31, 2006.
Banco de Oro president Nestor Tan also expressed of a possibility of a three-way merger with Chinabank, also a SM Group-controlled bank. The bank president also said that the proposed Banco de Oro-Equitable PCI merger would consolidate the strengths of Banco de Oro 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-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 P73.60 per share, more than the fair value target price of 67 pesos
Subsidiaries and Affiliates
BDO is divided into the following subsidiaries and affiliates:
- BDO Capital & Investment Corporation
- BDO Financial Services
- BDO Insurance Brokers
- BDO Card Corporation
- BDO Realty Corporation
- BDO Private Bank
- BDO Securities Corporation
- Generali Pilipinas Holding Company
- SM Keppel Land
Ownership
Competition
BDO's main competitors are major Philippine banks like Metropolitan Bank and Trust Company, Bank of the Philippine Islands,
Land Bank of the Philippines, and Philippine National Bank.
See also
- Banco de Oro-Equitable PCI Bank merger
- Chinabank (its sister bank, albeit with smaller capitalization)
- Expressnet (the BDO ATM network)
- List of Philippine companies
- SM Group of Companies
External links
- Banco de Oro
- Philippine Stock Market Authority Finance Manila
- Philippine Stock Market Forum of Finance Manila
{{Infobox_Company | company_name = Banco de Oro Universal Bank |
company_logo = ]|
company_type =
Public company ([Philippine Stock Exchange: [http://www.pse.com.ph/html/ListedCompanies/listedcompanyinfo.jsp?securitySymbol=BDO BDO)|
company_slogan = We find ways|
foundation =
Manila, [Philippines ([)|
location = [Mandaluyong City, [Philippines |
key_people = Teresita T. Sy, Chairwoman
Nestor V. Tan, President and CEO |
num_employees = 4,048|
industry = [Finance and Insurance |
products = [Financial Services|
homepage =
http://www.bdo.com.ph www.bdo.com.ph|
net_income = P2.54 billion Philippine peso ({{profit-->29%) ([) http://www.sminvestments.com/news_detail.php?&newsID=257
-->
This article is about the bank before the Banco de Oro-Equitable PCI Bank merger. For the bank after the merger, see Banco de Oro.
Banco de Oro Universal Bank (), commonly known as
Banco de Oro,
BDO, or sometimes
BDO Unibank, was the fifth-largest bank in the Philippines. It is owned by the
SM Group of Companies, one of the country's largest conglomerates and owner of the SM chain of malls. Following the Banco de Oro-Equitable PCI Bank merger, the bank has since become
Banco de Oro.
History
Banco de Oro had its humble beginnings on January 2, 1968, when it started off as a thrift bank called
Acme Savings Bank. With two branches in
Metro Manila, Acme was one of the smallest banks in the Philippines at the time.
In November of 1976, Acme was acquired by the Sy Group, the group of companies currently owned by retail magnate
Henry Sy, and renamed Banco de Oro Savings and Mortgage Bank.
In December of 1994, BDO became a commercial bank. To reflect the bank's new status, BDO was renamed Banco de Oro Commercial Bank, and in September of 1996, BDO became a
universal bank, which led to the bank's name being changed to the current Banco de Oro Universal Bank. It is one of the many banks owned by a Chinese-Filipino in the Philippines (others include
Metropolitan Bank and Trust Company and Chinabank).
BDO eventually became involved in insurance services in
1997 (it is a bancassurance firm) by establishing a subsidiary called BDO Insurance Brokers. In
1999, BDO expanded its insurance services through partnerships with Assicurazoni Generali s.p.a., one of the world's largest insurance firms, and Jerneh Asia Berhad, a member of Malaysia's
Kuok Group. Later, BDO partnered up with its insurance affiliates, which are Generali Pilipinas Life Assurance Company and
Generali Pilipinas Insurance Company, in March of
2000.
On
June 15,
2001, BDO merged with
Dao Heng Bank's Philippine subsidiary, with BDO as the surviving entity. The merger boosted the number of BDO's branches from 108 branches before the merger to 120 after the merger. In late April 2005, United Overseas Bank sold 66 out of its Philippine subsidiary's 67 branches to BDO after UOB's Philippine subsidiary is set to rationalize its operations from retail to wholesale banking. All UOB branches completed integration into the BDO network on March 22,
2006, increasing the number of Banco de Oro branches to 220.
On August 5, 2005, Banco de Oro and an SM subsidiary, SM Investments, bought 24.76% of the shares of Equitable PCI Bank, the Philippines' third-largest bank, and 10% of an Equitable PCI affiliate,
Equitable CardNetwork, one of the Philippines' largest credit card issuers, from the family that founded the bank, the Go family. BDO 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 the Social Security System (Philippines) (SSS), the Philippines'
pension fund. Subsequent acquisitions enabled the bank to acquire a 34% stake in Equitable PCI.
On
December 1, 2005, Banco de Oro shares were listed as a component of the
PSE Composite Index for the first time.
On January 6, 2006, Banco de Oro, with the SM Group of Companies, submitted to Equitable PCI a merger offer with Banco de Oro as the surviving entity. Under the proposal, Banco de Oro will swap 1.6 of its shares for every 1 Equitable PCI 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 (IAS). To effect the merger, Banco de Oro needs consent of Equitable PCI shareholders representing 67 % of Equitable PCI. These include the Social Security System (SSS) with 29 %, the Government Service Insurance System (GSIS) with 14 %, and the family of Equitable PCI chairman Ferdinand Martin Romualdez with eight percent. Banco de Oro said that the proposed "merger of equals" would create the country's second biggest bank with assets of about P608 billion (as of June 2007), just next to Metrobank with P669.1 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). Banco de Oro has asked Equitable PCI to study their offer until January 31, 2006.
Banco de Oro president Nestor Tan also expressed of a possibility of a three-way merger with Chinabank, also a SM Group-controlled bank. The bank president also said that the proposed Banco de Oro-Equitable PCI merger would consolidate the strengths of Banco de Oro 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-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 P73.60 per share, more than the fair value target price of 67 pesos
Subsidiaries and Affiliates
BDO is divided into the following subsidiaries and affiliates:
Ownership
- PCD Nominee Corporation: 40.09% (35.64% foreign, 4.45% Filipino)
- SM Investments Corporation: 27.41%
- Primebridge Holdings: 22.08%
- SM Development Corporation: 4.04%
- Shoemart: 3.57%
- Public stock: 2.45%
Competition
BDO's main competitors are major Philippine banks like Metropolitan Bank and Trust Company,
Bank of the Philippine Islands, Land Bank of the Philippines, and Philippine National Bank.
See also
External links
- Banco de Oro
- Philippine Stock Market Authority Finance Manila
- Philippine Stock Market Forum of Finance Manila
Banco De Oro
FOREIGN EXCHANGE RATE as of 14:52:55 2008-07-14: Curr: Buy: Sell: US$ 45.1500: 45.6500: AUD: 42.7800: 44.4000: CAD: 43.7400: 45.3900: HKD: 5.6685: 5.8790: GBP: 88.2200: 91.0500 ...
Banco de Oro Universal Bank - Wikipedia, the free encyclopedia
Banco de Oro Universal Bank (PSE: BDO), commonly known as Banco de Oro, BDO, or sometimes BDO Unibank, was the fifth-largest bank in the Philippines.
Banco de Oro-Equitable PCI Bank merger - Wikipedia, the free ...
The Banco de Oro-Equitable PCI Bank merger (2004-December 27, 2006) is a plan by the SM Group of Companies and Banco de Oro Universal Bank, the fifth-largest bank in the ...
Datamonitor ComputerWire - Banco de Oro Universal Bank - Company News ...
Banco de Oro Universal (BDO) provides corporate, commercial, retail, and investment banking services. It's services include traditional loan and depository services, treasury ...
BDO - Banco de Oro Universal Bank - Google Finance
Get the latest on Banco de Oro Universal Bank (BDO) including up to date news, high quality discussion groups and more on Google Finance.
Banco de Oro Universal Bank - Wikicompany
Template:Infobox Company Banco de Oro Universal Bank (PSE: BDO), commonly known as Banco de Oro, BDO, or BDO Unibank to a lesser extent, is one of the largest banks in the ...
Banco De Oro Universal Bank Wiki resources & Banco De Oro Universal ...
This page provides free access to Banco De Oro Universal Bank information & Banco De Oro Universal Bank multimedia resources including Videos, Audio, a database of before & after ...
Press Release: Granting of the transfer of banking licence of ...
Granting of the transfer of banking licence of EQUITABLE PCI BANK, INC. to BANCO DE ORO UNIVERSAL BANK. The Hong Kong Monetary Authority announced today (Friday) that it ...
Banco de Oro Universal Bank
Banco de Oro Universal Bank http://www.bdo.com.ph : Banco de Oro is a full service universal bank in the Philippines, which provides and offers a wide range of corporate ...
San Diego Banco De Oro Universal Bank - Personal Financial Education
To calculate the phase of the Moon for any time within a 6000-year period. What if I have problems with my Finance Broker? Last year, Citigroup's earnings fell 12%, to $21.
