PBCOM upgraded to universal bank status
MANILA, Philippines — Philippine Bank of Communications (PBCOM) has secured a universal banking license from the Bangko Sentral ng Pilipinas, upgrading its status and allowing it to expand its services.
The BSP’s approval meant PBCOM, founded in 1939 in Binondo, Manila, will now be able to invest in non-allied enterprises and expand its product and service offerings, the company said in a disclosure to the Philippine Stock Exchange on Friday.
“Our steady growth the past years beginning with the entry of the Lucio Co Group has been noteworthy. We now have a solid capital base from which we can expand our banking services in order to serve the needs of our valued customers," said PBCOM chairman Eric Recto.
The bank was previously a commercial bank. The BSP's decision moves PBCOM into the rank of universal banks in the country, joining the likes of BDO Unibank Inc. and Metropolitan Bank and Trust Company.
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