Notifications
Clear all

PBB  

 

(@yuna-jeong)
Legendary Moderator
Joined: 7 months ago
Posts: 592
April 28, 2020 8:53 am  

Philippine Business Bank (PBB) was incorporated as Total Savings Bank on January 28, 1997 to engage in the business of thrift banking. On December 16, 1997, the Securities and Exchange Commission approved the change in its corporate name to the present one. PBB was authorized to engage in foreign currency deposit operations on August 27, 1997 and in trust operations on November 13, 2003.

PBB provides banking services and products including cash management, retail and corporate lending, deposit products, international trade finance, and treasury and trust products. PBB became the first savings bank to obtain the approval of the Bangko Sentral ng Pilipinas (BSP) to issue foreign letters of credit and pay/accept/negotiate import/export drafts/bills of exchange under RA Nos. 8791 and 7906 of the Manual of Regulations for Banks. As of December 31, 2018, the Company has a network of 145 branches.

PBB entered into three purchase agreements in 2014 and 2015 where it acquired all assets and assumed all obligations of: 1) Rural Bank of Kawit, where the Company increased its branch network by two in the Cavite and Southern Luzon area; 2) Bataan Savings and Loan Bank, where the Company consolidated its existing three branches; and acquired all outstanding shares of 3) Insular Savings Bank, which is still pending approval from the BSP.


ReplyQuote
Topic Tags
Share: