Bank of the Philippine Islands

Topics: Bank, Online banking, Philippines Pages: 4 (942 words) Published: November 23, 2012
Bank of the Philippine Islands (BPI) is that country's second-largest bank, trailing only Metropolitan Bank & Trust. It is also the Philippines' oldest bank and one of the oldest of all Asian banks. BPI offers a full range of commercial and retail financial services, including corporate finance services, asset management, and brokerage and other financial consulting services. BPI's retail network includes more than 700 branches throughout the Philippines, as well as branches in New York, Hong Kong, and Tokyo. The bank also operates a network of more than 1,200 automated teller machines and more than 8,500 retailer-based point-of-sale machines. In 1999, BPI pioneered online banking in the Philippines with the launch of online bank BPI Direct in 1999. In addition to its banking products and services, BPI has also developed a strong non-life insurance operation, chiefly under subsidiary BPI/MS Insurance Corporation. Listed on the Philippines Stock Exchange, BPI has long been majority controlled by Philippines conglomerate Ayala Corporation. * leader in electronic banking, having introduced most of the firsts in the industry, such as: * automated teller machines (ATMs),

* a point-of-sale debit system
* kiosk banking
* phone banking
* internet banking
* mobile banking
* owned by the Ayala Corporation

Business Evolution

* post World War II era, BPI evolved from a purely commercial bank to a fully diversified universal bank * accomplished mainly through mergers and acquisitions in the eighties when it absorbed an investment house, a stockbrokerage company, a leasing company, a savings bank, and a retail finance company * Since the late 1990s – consummated three bank mergers * 1996 – merged with City Trust Banking Corporation

* 2000
* consummated the biggest merger then in the banking industry when it merged with the former Far East Bank & Trust...
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