BDO bags Bank of the Year award

MANILA, Philippines -  BDO Unibank Inc. has been named by  banking and finance publication The Banker as the Bank of the Year in the Philippines for 2013.

In its recently concluded Bank of the Year Awards held in London, The Banker said this recognition is a testament to BDO’s “strong management, sound business model and prudent risk approach.

Apart from The Banker award, BDO also bagged awarded best bank accolades this year from other foreign financial publications such as Alpha Southeast Asia, Euromoney and FinanceAsia.

The bank also won the prestigious Best Asian Bank award from FinanceAsia, is a first for a Philippine bank.

BDO, controlled by the family of retail tycoon Henry Sy Sr., has one of the largest distribution networks, in the country with more than 790 operating branches and over 2,100 ATMs nationwide.

It also has a branch in Hong Kong as well as 13 overseas remittance and representative offices in Asia, Europe, North America and the Middle East.

BDO ranked as the largest bank in terms of total assets, loans, deposits, capital and trust funds under management based on published statements of condition as of Sept. 30, 2013.

Aside from BDO Unibank and BDO Private Bank, the Sy family’s SM Group also has significant stakes in China Banking Corp. Recently, it announced that it bought Citibank Savings Bank.

BDO Unibank earned a record income of P18.2 billion in the first nine months of 2013 from P10.5 billion in the same period last year.