The Evolution Of Equitable PCI Bank

Equitable PCI Bank is the third largest bank in the Philippines in terms of assets and is one of the largest banks in the country in general.

The existence of this financial institution is due to the consolidation or fusion of two different banks. These are the Equitable Banking Corporation and the Philippine Commercial International Bank or the PCIBank.

Equitable PCI Bank The Beginning

The first component of Equitable PCI Bank, the Equitable Banking Corporation, was established by Go Kim Pah in June, 1950. It took license by the newly established Central Bank of the Philippines. It opened its first branch ever in Divisoria some time in 1955.

The sole direct telex service between the Philippines and Japan was founded by Equitable in 1958 and transactions took place with first exchanged messages between Equitable and the Chase Manhattan Bank of Tokyo.

The first international branch of Equitable was established in Hong Kong in August 1963. This is the first time a Philippine bank branch was opened in this city. The first provincial branch of this financial institution was opened in Cebu City and that was in 1965.

The financial institution's foreign monetary system license from the Bangko Sentral ng Pilipinas was given to it in 1977 and in 1980, this financial institution was able to release its first credit cards under VISA cards for the credit card alone and Visa brand. Equitable was nominated as the glade house of Makati Stock Exchange now the Philippine Stock Exchange.

Equitable CardNetwork, a wholly owned subordinate of Equitable has been the credit card department of the financial institution in 1989.

Megalink, which is the largest automated teller machine network in the country, was formed with the union of Equitable, Bank of the Philippine Islands, Far East Bank and Trust Company, Philippine National Bank and United Coconut Planters Bank. PCI Bank became a component of another ATM network - Bancnet after joining eight other banks in July 1990. Another savings bank of Equitable was founded on July 27, 1996 - Equitable Savings Bank. Equitable PCI Bank come into existence after the 1999 consolidation between smaller Equitable Banking Corporation and larger PCI Bank was approved.

The Bank's Future

SM Group of Companies and Banco de Oro Universal Bank announced on August 5, 2005 that they bought the 24.76 percent stock of the financing institution from the Go family who established the bank. The same group also bought the 10 percent share of Equitable CardNetwork. Thus, Banco de Oro was able to have the 34 percent total share in the bank.

It was in 2007 when the bank fused and consolidated with Banco de Oro Universal Bank and it is now carrying the name of BDO. BDO is now the new identity of then Equitable PCI Bank as component of the new Banco de Oro Unibank, Inc.

To sum it up, 57.16 percent of its share is that of the PCD Nominee Corporation. 51.83 percent of which are Filipino and the remaining 5.33 percent are foreign. SM Investments Corporation owns total of 21.01 percent of the total share of the bank. Trans Middle East Philippine Equities has the 7.13 percent, Social Security System has 3.87 percent. Shoemart has 2.15 percent and 1.48 percent now belongs to the EBC Investments and the remaining 6.81 percent belongs to the Public stock. The future of Equitable PCI Bank now is at the hands of Banco de Oro as it ventures to a more dynamic banking business.