How It Is Close?

Topics: Manila, Philippines, Economy of the Philippines Pages: 3 (615 words) Published: January 3, 2012
Banco Filipino

Overview:

* 1964, Banco Filipino was established.
* 1965, Banco Filipino set out to leave its mark as an innovator, by conceiving the first all-woman bank branch. * 1969, Banco Filipino Became the first bank to process online transactions in real time, giving customers the ability to deposit in any online Banco Filipino branch. * 1966 to1985, Banco Filipino was the largest savings bank in the Philippines. * In 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 the most preferred bank in Metro Manila . * For most of the 1980s, Banco Filipino would remain closed, * January 25, 1985, even though Banco Filipino was performing well and was seen by most people as a very healthy bank, the Bangko Sentral ng Pilipinas ordered its closure over alleged insolvency. * 1991 ruling made by the Supreme Court declared the bank's closure illegal. Banco Filipino subsequently reopened, albeit only with fifteen of its original 92 branches. * For much of the remaining 1990s, Banco Filipino would be busy trying to reestablish itself. * 1995 It became a member of BancNet after launching the BF Cash Card and issued its first credit card, a VISA card. * 1997 Two years later, BF shares were 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 Makati RTC ordered the Bangko Sentral and the Monetary Board to immediately implement the bank’s approved business plan by releasing P25 in billion financial assistance and a package of regulatory relief, which was affirmed by the appellate court in 2008. * March 17, 2011 The Bangko Sentral ng Pilipinas (BSP) ordered the closure of Banco Filipino Savings and Mortgage Bank and...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • How Close Is Too Close? Essay
  • how to close the deal Essay
  • How Close Is The Relationship Between Social Deprivation and Crime? Essay
  • How can we close the achievement gap? Essay
  • Essay about Close Reading of "How Soon Hath Time"
  • Essay about how is
  • how to Essay
  • how to Research Paper

Become a StudyMode Member

Sign Up - It's Free