Banco Filipino Case Analysis

Topics: Bank, Fractional-reserve banking, Economy of the Philippines Pages: 4 (942 words) Published: December 20, 2011
• CASE OVERVIEW

1964- Banco Filipino was established.

1969- Banco Filipino starts giving customers the ability to deposit in any online BF branch, making it the first bank to process online transactions in real-time.

1970- Banco Filipino started expanding into the countryside with its first provincial branch opening in Naga City.

1972- The bank's customer base grew to one million customers, even in the midst of martial law.

1975- It was voted as the most preferred bank in Metro Manila.

1981- The bank already had 89 branches, four billion pesos worth of assets, three million customers and three thousand shareholders.

July 17, 1984- Banco Filipino was forced to declare a Bank Holiday.

July 23, 1984- Banco Filipino declared a self-imposed bank holiday due to its illiquidity

January 25, 1985- Bangko Sentral ng Pilipinas ordered its closure over alleged insolvency.

1991- The Supreme Court declared that the Bank’s closure is illegal.

1994- The bank reopened fifteen out of its 92 original branches.

1995- Banco Filipino became a member of BancNet. After that, it launched the BF cash card.

1996- It issued its first Visa credit card.

1998- The Savings Bank was re-listed on the Philippine Stock Exchange.

1999- The Supreme Court declared that Banco Filipino is entitled to damages payments caused by its illegal closure.

2009- The Supreme Court allowed the Makati RTC to proceed with hearing the P18.8-billion damage suit filed by the Banco Filipino.

March 2010- The Makati RTC required the BSP to provide Banco Filipino with rehabilitation assistance and pay the latter costs in all amounting to atleast P30 billion pesos.

March 10, 2011- The Philippine Stocks Exchange (PSE) has delisted Banco Filipino from its official registry, rendering the bank unable to buy or sell shares of stocks.

March 15, 2011- Start of Bank Holiday

March 17, 2011- The BSP’s Monetary Board ordered the closure of Banco Filipino and placed it under...
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