Using IPO proceeds, Bank of Commerce expands ATM network

MANILA, Philippines – Bank of Commerce (BNCOM) said they would roll out new automated teller machines across its network. 

The San Miguel Corp. affiliate sent a disclosure to the Philippine Stock Exchange on Wednesday, announcing that they will deploy almost 300 combined ATMs and cash recycling machines across its branches and off-site locations.

BNCOM debuted in the local bourse on March 31, 2022, raising P3.36 billion in the process. The SMC-led bank explained back then that proceeds from their initial public offering will be used to upgrade its ATM network, among others. 

The ATM network upgrade is one of the bank’s priority measures underscored in their 5-year investment and digitalization program. 

BNCOM indicated that the new ATMs were supplied by NCR Corp., a global provider of software, hardware and services for banks and other industries. 

“Banking services like other financial enterprises are based on trust. When it comes to fulfilling our primary duty to depositors and investors, having a stable and experienced partner who understands your vision is mission-critical,” said SMC vice chairman, president and CEO Ramon S. Ang. 

Shares in BNCOM trade flat at P6.74 apiece as of 11:59 Wednesday morning. — Ramon Royandoyan