Bank of Commerce
 |
|
| Private | |
| Industry |
Banking Financial Services |
| Founded | Makati, Philippines (1991) |
| Headquarters | Mandaluyong, Philippines |
|
Key people
|
Jose T. Pardo (Chairman) Roberto C. Benares (President & CEO) |
 PHP1.77 billion (2009)[1]
|
|
| Total assets |
PHP104.7 billion (2009)[2]
|
| Website | www.BankCom.com.ph |
Bank of Commerce, also known as BankCom, Bancommerce and BoC, is a commercial bank and the 15th largest lender by asset in the Philippines. Its headquarters is at the San Miguel Properties Center, No. 7 Saint Francis Avenue, Mandaluyong. It is affiliated with the San Miguel Corporation group.
Historically, the bank traces its origins to the Overseas Bank of Manila, which was incorporated in December 1963.
Evolving from history of mergers and acquisitions in 1981, the Government Service Insurance System (GSIS) acquired the Commercial Bank of Manila from the Herdis group and used "ComBank" as the bank's acronym. In 1987, the First National Bank of Boston (one of the oldest and leading banks in the United States) joined a group of Filipino entrepreneurs to acquire ComBank in response to the privatization thrust of the Philippine government and renamed the bank as the Boston Bank of the Philippines.
A group of Filipino investors – leaders in fields of communications, stock market and brokerage, pre-need services and banking and finance–reinforced the ownership base of the Bank, which led to the establishment of the modern-day Bank of Commerce on November 28, 1991. Initially the bank focused on trade finance transactions and strengthening other fee based income capabilities such as trust operations. In 1993, the buyout of the majority interest of the First National Bank of Boston was completed, placing BoC fully in Filipino hands.
By year 2000, as the Bangko Sentral ng Pilipinas encouraged fewer but bigger players in the banking industry, the bank initiated its first step towards a three-way merger. By September, the bank acquired Pan Asia Bank. A year after, Bank of Commerce purchased selected assets and liabilities of Trader's Royal Bank paving the way for the takeover of all the branches thereby expanding the branch network to 112. The Monetary Board also approved in principle the bank's acquisition of Urban Bank, although Urban Bank would later be acquired by Export and Industry Bank.
In 2005, the bank embarked in Tier 2 capital raising efforts and asset quality enhancements. The same year the bank formed ties with the Republic of Equatorial Guinea, providing the technical support needed in organizing the country's first National Bank.
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Wikipedia