The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has approved the upgrade of the commercial banking license of Philippine Bank of Communications (PBCOM) to that of a Universal Bank subject to certain regulatory requirements.
The license upgrade provides additional capabilities for PBCOM to invest in non-allied enterprises and allows the bank to expand its product and service offerings.
PBCOM Chairman, Eric O. Recto, stated, “We are proud and thankful for this privilege to be a Universal Bank. 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. We, the shareholders and Management of PBCOM, are all excited about this new chapter in our history and would like to give our thanks to the Bangko Sentral ng Pilipinas for having guided us through this journey.”
Founded in 1939, PBCOM has its roots in Binondo, Manila and now operates 95 branches across the country. It has complemented its branch network with its digital corporate cash management services (PBCOM POP-Business), online and mobile banking (PBCOM POP-Personal), and its cloud-based digital accounts via the PBCOMobile app.
The entry of Mr. Lucio L. Co as the Bank’s strategic investor in 2014 has put PBCOM in a unique position for growth, leveraging on the ecosystem of the Puregold Group. The Bank is focused on building its capabilities in order to serve the banking needs of the group’s suppliers, trade partners, service providers and loyal customers.
With Chairman of the Board, Mr. Eric O. Recto and President and CEO, Ms. Patricia May T. Siy at the helm, the Bank continues to expand its services to cater to new markets, striving always to provide customer satisfaction through innovative financial solutions and distinctive customer service.
PBCOM formally received its Universal Bank license approval from the Banko Sentral ng Pilipinas (BSP).