International Exchange Bank: A Unique Banking Institution

International Exchange Bank otherwise known as iBank is one of the major banks in the Philippines. In terms of assets, iBank is the top 20 among other successful banks in the country. In the middle of 2006, it was totally acquired by a much bigger bank - Union Bank of the Philippines. But in spite of the acquisition, the two banks still function separately and remained to be on their own until total consolidation happened in the middle of 2008.

And This Is Its Beginning

On August 17, 1995, iBank was established and on September 25 of the same year, it started its operation. And because of its orientation toward serving its consumers and clients, it grew increasingly and this brought popularity in the country. In 1990s, it is considered as one of the so many successful financial institutions established under the administration of then president Fidel V. Ramos.

This banking institution, while operating solely, became a member of MegaLink on September 22, 2003 and uncovered its iDeal ATM card. This bank’s personally designed card has become radical at the time of its launch. This made the bank unique among its competitors at that time. It was the very first ATM card to have benefits that are truly valueadded, and shopping discounts is just one of them.

On December 6, 2004, iBank became part of the list of the Philippine Stock Exchange under the IBNK symbol.

Acquisition of iBank by Union Bank of the Philippines took place on June 5, 2006. It acquired about 98.86 percent of its shares through block sale. This made UnionBank the seventh largest bank in the country in terms of assets. Only about 1.14 percent of the stocks remained with the public.

More Than Just A Bank

This banking institution does not only provide services on commercial banking to corporations and individuals in the country, but it also offers different kinds of deposit products and services. It also provides services such as current and savings account products, deposits that are for short time only, and other services.

The banking institution also offers cash management services which include disbursement services, services on collection, and other banking transactions via personal computers. Treasury products are also provided and these include treasury bills, commercial papers, fixed rate treasury notes, and even Eurobonds.

Financial assistance is also provided to its consumers with loans of any kind. These loans include consumer loans, commercial loans, salary loans and other credit services that assure its consumers the ease in processing. Assistance on trade finance and services is also provided.

Domestic and foreign fund transfers are also facilitated in the bank. This comes with foreign exchange, trust and remittance services. This banking institution expanded to 76 branches on December 31, 2005 and operates 79 automated teller machines or ATMs in different parts of the country.

Like any other banks iBank has its own headquarters and it is situated in the central business district of the Philippines - Makati City.

This banking institution believes that through the effort of its employees, it can empower individuals, organizations, and businesses alike. The bank has its unique strategy that specializes in Bank Rate, Home Mortgage, Mutual Funds and even Retirement Planning plus a whole lot more. International Exchange Bank aims not only good quality service but wants to empower every individual.