Bank of Commerce

Bank of Commerce, also known as BankCom, is one of the country’s commercial banks and is licensed by the Bangko Sentral ng Pilipinas (BSP). Bank of Commerce is an affiliate of San Miguel Corporation (SMC). Bank of Commerce has a network of 140 Branches and 260 Automated Teller Machines (ATMs) located nationwide, as of December 31, 2019.[1]

For a public sector bank in India, see Oriental Bank of Commerce.
For a former Canadian bank, see Canadian Bank of Commerce.
Bank of Commerce
TypePrivate
IndustryBanking
Financial Services
Founded1963 (as Overseas Bank of Manila)
Headquarters
Mandaluyong
,
Philippines
Key people
ProductsDeposit, Corporate Banking, Commercial Loans, Credit Card Services, Treasury, Asset Management, Transaction Banking, and Trust and Investments
PHP0.65 billion (2019)
Total assetsPHP145.0 billion (2019)
Total equityPHP16.1 billion (2019)
Websitewww.bankcom.com.ph

History

Early years

Bank of Commerce has been operating since 1963 and traces its origins to the Overseas Bank of Manila with headquarters in Binondo, Manila. Bank of Commerce (The "Bank") has since evolved through different phases of growth. In 1980, the Overseas Bank of Manila changed its name to Commercial Bank of Manila. The following year, the Government Service Insurance System (GSIS) acquired the Commercial Bank of Manila and used “ComBank” as the Bank’s short name. In 1984, ComBank acquired Royal Savings Bank. The First National Bank of Boston, one of the oldest and leading banks in the United States and a local investment group, acquired ComBank in 1988. The Bank was then renamed Boston Bank of the Philippines.

In November 1991, the Bank changed its official name to Bank of Commerce. With the buyout of the majority interest of the First National Bank of Boston in 1993, Bank of Commerce was placed under complete Filipino ownership. As part of its growth plans, Bank of Commerce acquired Pan Asia Bank and purchased selected assets and liabilities of Trader’s Royal Bank in 2001. These takeovers significantly increased the Bank’s presence in the banking industry.[2]

Ownership

Filipino-owned San Miguel Properties, Inc., a subsidiary of San Miguel Corporation (SMC), and San Miguel Corporation Retirement Fund, the registered retirement plan of SMC Group employees, became the controlling shareholders of Bank of Commerce in 2008. San Miguel Properties, Inc. has 39.89% of ownership and San Miguel Corporation Retirement Fund has 39.94% of ownership, as of December 31, 2019.[3]

On January 16, 2013, the Securities and Exchange Commission (SEC) approved the extension of the corporate life of Bank of Commerce for another 50 years from December 16, 2013.

Lehman Brothers' exposure

On September 17, 2008, Bangko Sentral ng Pilipinas announced that 7 Philippine banks have $386M in exposure to Lehman Brothers. Bank of Commerce was one of those affected having $15 million in exposure to the bankrupt US investment banking giant but the bank’s exposure was fully provided for as with the other affected banks.[4]


References
  1. https://www.bankcom.com.ph/about-us/
  2. https://www.bankcom.com.ph/about-us/
  3. https://www.bankcom.com.ph/about-us/
  4. "7 Philippine banks have $386M in exposure to Lehman". Archived from the original on 2010-12-14. Retrieved 2010-12-29.
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