top-rated free essay

Bank of Philippine Islands

By Maricar-Fernandez Oct 14, 2014 559 Words

PHILAMLIFE AND BPI ANNOUNCE STRATEGIC LIFE INSURANCE JOINT VENTURE

Makati City, August 26, 2009. Philippine American Life Insurance Company (Philamlife), the largest life insurer in the Philippines, has agreed with Bank of the Philippine Islands (BPI) to acquire a 51% stake in Ayala Life Assurance Inc. (Ayala Life), BPI’s majority-owned life insurance subsidiary. Ayala Life will serve as the platform for BPI and Philamlife’s strategic bancassurance partnership. The joint venture is expected to benefit from the combined synergies, first-class resources and strength of two leading companies in the Philippine financial industry. Philamlife will bring insurance distribution, product development, and innovation to the joint venture, particularly in the area of bancassurance, while gaining exclusive access to BPI’s customer base via its extensive branch network. Philamlife’s President and CEO Trevor Bull said, “This partnership is a direct result of our strategy to focus on the core life insurance and wealth management business. Philamlife and BPI are strong and trusted brand names in the industry. This is an exciting and positive development that will significantly increase our distribution footprint and offer a substantially wider selection of quality life insurance products to BPI’s customers, which are keys to success under the growing popularity of bancassurance in the region.” BPI President and CEO Aurelio Montinola said that this joint venture is fully in-line with BPI’s vision to offer a full range of financial products and services to its customers. He said, “While BPI has seen significant results in its bancassurance operations, there is still a large BPI customer base that remains untapped. This presents a great opportunity for the new joint venture company as well as for our clients to access a wider array of protection and savings products.” Philamlife is currently in the process of becoming part of the AIA Group, subject to regulatory approvals. The AIA Group is a leading pan-Asian life insurance organization with a unique heritage of serving the world’s most dynamic region for 90 years, with over $60 billion in assets and a large base of over 20 million customers. With 158 years of experience in the local banking industry, BPI is one of the largest universal banks in the Philippines today, offering a whole breadth of financial services to both retail customers and corporate clients. BPI serves more than 3 million customers through its network of over 800 branches and 1,500 Automated Teller Machines (“ATMs”) nationwide.

Ayannah sendah
Funding announcement: June 2013 Founded in 2010,

Ayannah is a gift-remittance service for unbanked overseas Filipino workers. Cash remittance services are one of the mainstream options for overseas workers outside the Philippines. This is exactly the reason why Ayanna stood out. Through Sendah and Sendah Direct, overseas workers can now send cash and physical goods such as toys, gift packs, medicines, gift certificates and even phone credits to friends and family back home. Its service is already deployed in around 7,000 retail outlets in the Philippines and it has processed over one million overseas transactions. Just this June, it received a $1 million round of funding led by Siemer Ventures and Golden Gate Ventures. Following the funding, it set its sights towards expanding to new markets and maintaining revenue growth in the domestic Philippine market.

Read more: 4 Philippine startups that successfully raised funds in 2013 http://www.techinasia.com/4-philippine-startups-successfully-raised-funds-2013/

Cite This Document

Related Documents

  • Bank of the Philippine Islands

    ...BANK OF THE PHILIPPINE ISLANDS 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...

    Read More
  • Banks in the Philippines

    ...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...

    Read More
  • Formation Of The Philippine Islands

    ...Formation of the Philippine Islands The Indo-Australian plate is found south of the Eurasian and the Philippine Seaplates. It is generally oceanic, being submerged by Indian and Pacific Oceans, but it holds two gigantic land masses – the island continent of Australia and Indian subcontinent. Recent researches, however, show that the...

    Read More
  • Events of the Philippine Island

    ...1. Read Chapter 8 of Antonio de Morga's "Events of the Philippines Islands" with the Rizal annotation. Then take one section of Chapter 8 which talks about precolonial cultures and IN YOUR OWN WORDS, discuss its significance and use to our present-day ideas of culture, history, and identify. Jose Rizal’s annotation of Antonio Morga's "Histori...

    Read More
  • Philippine Territory Island

    ... Sabah Spratly’s Island Calayan Group of Islands I. Historical Background Under a treaty entered into with the sultans of Sulu and Maguindanao in 1640, the Spaniards recognized the independence of the two sultanates. Thus, the Sulu sultan later became the sovereign ruler of Sabah. The Spratly Islands consist of more than 100 small i...

    Read More
  • INSULAR BANK OF THE PHILIPPINES

    ...INSULAR BANK OF THE PHILIPPINES Case Analysis Time Frame: 1981-1984 Perspective: Top Management: Statement of the Problem: Objectives: Areas of Consideration: Computation: EXHIBIT 1 INSULAR BANK OF THE PHILIPPINES Credit Rating Sheet of APEX Industries RATING FACTORS MAXIMUM POINTS COMPANY SCORE ...

    Read More
  • Treasure Island

    ...Treasure Island Treasure Island is an amazing adventure, one that everyone dreams of since childhood, is the quest for a secret treasure in a distant island. A brave boy, among good and bad pirates, within the exotic setting of a mysterious island, is the protagonist of one of the most famous stories for the young. This story i...

    Read More
  • The Island

    ...The Island In the film ‘The Island’, directed by Michael Bay there are many scenes which include various techniques to show a theme. In this scene Lincoln Six-Echo and Jordan two-Delta decide to go back to Dr Merricks Biotech facility and attempt to save their clone friends and destroy the biotech facility. Their moral and compassionate ac...

    Read More

Discover the Best Free Essays on StudyMode

Conquer writer's block once and for all.

High Quality Essays

Our library contains thousands of carefully selected free research papers and essays.

Popular Topics

No matter the topic you're researching, chances are we have it covered.