Banks in the Philippines

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  • Topic: Banks of the Philippines, Provinces of the Philippines, Companies of the Philippines
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  • Published : March 20, 2013
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List of banks in the Philippines
From Wikipedia, the free encyclopedia
The Philippines has a comprehensive banking system encompassing various types of banks, from large universal banks to small rural banks and even non-banks. As at 31 March 2011, there are 19 universal banks, 19 commercial banks, 73 thrift banks, 595 rural banks, 40 credit unions and 15 non-banks with quasi-banking functions, all licensed with the Bangko Sentral ng Pilipinas(Central Bank of the Philippines) under Republic Act No. 8791, also known as the General Banking Act of 2000, share roughly the same powers. -------------------------------------------------

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Powers of a universal bank
A universal bank has the same powers as a commercial bank with the following additional powers: the powers of an investment house as provided in existing laws and the power to invest in non-allied enterprises. List of local universal banks

Government-owned
* Al-Amanah Islamic Investment Bank of the Philippines
* Development Bank of the Philippines
* Land Bank of the Philippines
[edit]Private-owned
1. Banco de Oro Universal Bank
2. Metropolitan Bank and Trust Company
3. Bank of the Philippine Islands
4. Philippine National Bank
5. Rizal Commercial Banking Corporation
6. UnionBank of the Philippines
7. China Banking Corporation
8. Citibank
9. East West Bank
10. Philippine Savings Bank
11. Philtrust Bank (Philippine Trust Company)
12. Security Bank
13. United Coconut Planters Bank
14. Allied Bank Corporation
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[edit]Powers of a commercial bank
In addition to having the powers of a thrift bank, a commercial bank has the power to accept drafts and issue letters of credit; discount and negotiate promissory notes, drafts, bills of exchange, and other evidences of debt; accept or create demand deposits; receive other types of deposits and deposit substitutes; buy and sell foreign exchange and gold or silver bullion; acquire marketable bonds and other debt securities; and extend credit. [edit]List of local commercial banks

* Asia United Bank
* Bank of Commerce
* BDO Private Bank (subsidiary of Banco de Oro)
* Philippine Bank of Communications
* Philippine Veterans Bank
* Robinsons Bank Corporation
[edit]List of foreign banks with commercial banking operations [edit]Branches
* Australia and New Zealand Banking Group
* Bangkok Bank
* Bank of America, N.A.
* Bank of China
* Chinatrust Commercial Bank
* Citibank, N.A.
* Deutsche Bank AG
* Hongkong and Shanghai Banking Corporation
* ING Group
* JPMorgan Chase
* Korea Exchange Bank
* Mega International Commercial Bank
* Mizuho Corporate Bank
* Standard Chartered Bank
* The Bank of Tokyo-Mitsubishi UFJ, Ltd.
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[edit]Thrift banks
[edit]Powers of a thrift bank
A thrift bank has the power to accept savings and time deposits, act as a correspondent with other financial institutions and as a collection agent for government entities, issue mortgages, engage in real estate transactions and extend credit. In addition, thrift banks may also maintain checking accounts, act as a depository for government entities and local government units and engage in quasi-banking and money market operations subject to the approval of the Bangko Sentral. As per the banker Amit Malhotra, the performance of thrift banks are underrated. [edit]List of local thrift banks

[edit]Government-owned
* Philippine Postal Savings Bank
[edit]Privately owned
* Accord Savings Bank
* Allied Savings Bank (subsidiary of Allied Bank)
* Anchor Savings Bank
* Area Development Bank
* Asiatrust Development Bank
* Bank of Calape
* Bank of Cebu
* BankOne Savings and Trust Corporation
*...
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