Philippine Business Bank

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Philippine Business Bank
Type Public
Traded as PSE:PBB
Industry Finance and Insurance
Founded Manila, Philippines (1997 (1997))
Headquarters Caloocan, Philippines
Key people Alfredo M. Yao, Chairman Emeritus
Francis T. Lee, Chairman
Rolando R. Avante, President and CEO
Products Banking
Net income PhP1.1Bn (2013)
Owners Alfredo M. Yao (majority owner through AMY Group)
Employees 1,296 (Dec 2013)
Website www.pbb.com.ph

Philippine Business Bank (also known as PBB) is a Filipino savings bank which focuses on corporate and Small and medium enterprises markets. It provides close to a full range of banking services and products including cash management, retail and corporate lending, deposit products, international trade finance, treasury and trust products.

Its head office is located in Caloocan City and has a total of 100 branches (Dec 2013) and has a network of 71 Automated Teller Machine (ATM), with 23 ATMs are located in Metro Manila and the remaining 14 ATMs are located in various provinces.

History[edit]

Philippine Business Bank started operations on February 12, 1997 as Total Savings Bank.[1] Before the year ended, it obtained approval from the Philippines Securities and Exchange Commission (SEC) to change its corporate name to the current one. To keep itself close to the small and medium scale businesses which includes both small and medium enterprises (SMEs) and large companies which it seeks to serve, PBB operates from its head office in Caloocan City unlike other banking institutions in the Philippines which hold office in the plush Makati or Ortigas business centers as favored by other banks.

Although considered a newcomer in the banking community, PBB established 10 branches in its first year. By the end of its second year, it had 15 branches in Metro Manila and neighboring business centers. The bank aims to branch out into the country's other business hubs. In January 2013, PBB announced plans to expand its nationwide network of 78 branches to 100 by year-end. The first phase of expansion will focus on Luzon, especially the Metro Manila area, and additional branches will be used to reach out to the Philippines’ growing SME industry, which accounts for 63 per cent of PBB's total loan portfolio.

In early 2013, PBB has announced an initial public offering (IPO) at the Philippine Stock Exchange in Manila to fund its nationwide expansion to 100 branches by the end of 2013. The IPO raised $98.8 million. [2]

As of end of December 2013, PBB had a total of 100 branches across the country and received regulatory approval to open up 26 new branches in 2014 in various locations in Luzon, Visayas and Mindanao as part of its purposes of expanding its network more closer to the SME market. [3]

In 2013 former ambassador Alfredo Yao, the major shareholder of the bank, was awarded the Grand MVP Bossing title (an annual nationwide search for top Filipino entrepreneurs organized by Manuel V. Pangilinan’s Philippine Long Distance Telephone Company and Go Negosyo) alongside with Catherine Dizon-Posas of Dizon Farms, Dr. Mary Chan of Ideal Vision, Michael Deakin of Lifeline Ambulance Rescue Inc., Felix and Prudencio Garcia of Mekeni Food Corp., Glenn Yu of Seaoil Philippines Inc. and Dr. Genevieve Ledesma-Tan of Southville International School and Colleges.[4]

Parent company[edit]

Philippine Business Bank is a part of the AMY Group, a conglomerate of companies owned by Alfredo M. Yao (or AMY).

References[edit]

  1. ^ Pakistan & Gulf Economist 2002 - Volume 21 "PHILIPPINE: Philippine Business Bank Inc. started its operations on February 12, 1997 as TOTAL SAVINGS BANK. It primarily targets business clients (SMEs and large companies) with strong logistics,"
  2. ^ "Philippine Business Bank sets IPO date". Investvine.com. 2013-01-21. Retrieved 2013-01-24. 
  3. ^ http://business.inquirer.net/153457/pbb-to-open-26-branches-till-14
  4. ^ http://business.inquirer.net/153751/zest-os-yao-new-grand-mvp-bossing