Bankard posts gains in 2000

The year 2000 was a milestone year for Bankard, Inc., one the country’s leading credit card companies, which also holds the distinction of being the first to introduce the smart card technology to the local market. An active player in the credit card industry, Bankard issues the two leading international card brands, Bankard MasterCard and Bankard Visa, in addition to its pioneering smart cards Bankard MF1, Bankard One and Bankard E-Cash.

Bankard’s solid position in the industry was given a boost in May 2000 with its entry into the Yuchengco Group of Companies via a share purchase agreement (SPA) signed by RCBC Capital Corp., the investment bank subsidiary of Rizal Commercial Banking Corp. (RCBC), and Equitable PCI Bank where the former agreed to acquire 67-percent interest in Bankard, Inc. By December 2000, the closing conditions to the SPA were deemed completed.

The partnership with RCBC was welcomed by Bankard as a means to bring greater value for Bankard’s shareholders and more benefits for its cardmembers. As Bankard president and CEO Rogelio S. Chua himself said, "The partnership with RCBC came in addition to other solid gains posted by Bankard in its major key indicators in 2000 – a noteworthy achievement for the company considering the unfavorable economic conditions prevailing at the time. Cards in force at the end of 2000 improved to 270,847 from 235,053 in 1999, a growth of over 15.2 percent. Total billings reached P5.13 billion while revenue went up to P1.21 billion in 2000. Net income after tax increased by 8.2 percent over 1999 to P125 million."

Also in the same year, Bankard sought to improve its Bankard One portfolio by delivering flexible installment card options. A major breakthrough in its back-room information technology was realized with the completion of the data-stabilization phase of the integration of its card and merchant billings system to SEMA of Hong Kong, one of the largest card information technology service providers in the region.

"For 2001, Bankard will launch new customer service initiatives like the Online Statement-of-Account Viewing through the Internet, Statement Fax-on-Demand, and Utilities Payment by Phone. These initiatives are part of continuing efforts to put the appropriate infrastructure to bring customer service quality to world standards — an aim directed primarily at helping Bankard achieve leadership status in the credit card industry," adds Chua.

Bankard is now on its 27th year of service.