Philtrust Bank
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| Public | |
| Traded as | : PTC |
| Industry | Finance and Insurance |
| Founded | 1916 |
| Headquarters | Manila, Philippines |
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Key people
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Jaime C. Laya, Chairman Antonio H. Ozaeta, President |
| Products | Financial services |
₱764.6 million ( 9%) (2006) [1]
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Number of employees
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602 |
| Website | www |
Philtrust Bank, formally known as the Philippine Trust Company is one of the oldest private universal banks in the Philippines. Founded on October 16, 1916, its history parallels the growth of the Philippine banking system. It is the third bank to be established in the Philippines, after Bank of the Philippine Islands and Philippine National Bank. The bank is one of the businesses owned by Chinese-Filipino businessman, Emilio Yap.
As of December 16, 2010, Philtrust Bank has a total market capitalization of P40.6 billion and share price of P70.00.
As of March 31, 2012, it has Total Assets of R103.767 Billion, Total Deposits of R87.628 Billion, Total Net Worth of R15.431 Billion, Total Paid-Up Capital of R10 Billion with Authorized Capital Stock of R22 Billion. To date, Philtrust Bank has a total of 40 branches in Metro Manila and 21 provincial branches.
Philtrust Bank was established in 1916 as the first bank to engage in trust business, still non-existent in the early 1900s despite the increasing demand for estate administration and guardianship services. The bank started with just one million authorized capital stocks, half of which was paid up.
Even the Office of the United States Veterans Administration, then known as the Veterans Bureau, engaged Philippine Trust Company to handle guardianship of deceased Veteran's children. Among the customers of Philtrust Bank was Gen. Douglas MacArthur.
After World War Two, the government, through the Rehabilitation Finance Corporation infused fresh capital. The bank’s authorized capital stock was increased to P3 million, of which, P2 million was paid-up between existing shareholders and the RFC.
The bank’s resources continued to grow and by 1966, 50 years after its founding, it had a total resources of P119.5 million.
In 1978, several parties expressed interest in acquiring controlling interest and approached the Roman Catholic Archbishop of Manila (RCAM), the principal stockholder of Philtrust Bank then. The late Jaime Cardinal Sin eventually decided to sell the stake to Emilio T. Yap because he believed that Yap “could maintain the trust and confidence of the Bank’s clients and would contribute greatly to the growth, stability and success of the Bank.”
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Wikipedia