Magazine names BPI ‘Best Retail Bank’

The Bank of the Philippine Islands (BPI) has once again garnered the top award given by a respected financial publication.

The Asian Banker, a financial magazine based in Hong Kong, has named BPI ‘Best Retail Bank in the Philippines’ for demonstrating "a strong capability in building an effective technology platform and translating its extensive distribution network into an integrated service offering."

For these reasons, The Asian Banker says, BPI has attained growth in its consumer banking business despite its prudent risk management policy. For the future, it adds, a coherent retail strategy will enable the bank to face the increasing competition.

Apart from BPI, eight other Asian banks have been given the award under the Excellence in Retail Finance Services Program 2002, which the magazine holds every year. The other banks are Lippo Bank of Indonesia, ICBC of China, HSBC of Hong Kong, ICICI Bank of India, Citibank of Malaysia, Standard Chartered of Singapore, Kookmin Bank of South Korea, and Bangkok Bank of Thailand.

According to the magazine, the award is given not for popularity but for those extraordinary achievements against which other banks in the region could measure their progress.

To qualify, a bank must have demonstrated sound management techniques that enable it to increase revenue while keeping expenses down; transparency and accountability; and commitment to the welfare and interests of employees, customers, and shareholders; and leadership in its chosen market and sustainability of its franchise over a long period of time, across economic cycle.

Also, the bank must be innovative in the development of financial products and skillful in the marketing of the same. Finally, it must have a well-defined value proposition, a dependable risk management, and the ability to respond to the constantly changing circumstances in the marketplace.