How It Is Close?

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


* 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...
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