banking and financial services - updates

Rappler's latest stories on banking and financial services


Investors swarm BDO's largest stock rights offering

Jan 31, 2017 - 3:51 PM

It is one of the biggest common equity capital raising activities in Philippine history

OVERSUBSCRIBED. The stock rights offering saw strong participation from domestic and international investors. Photos by Chrisee Dela Paz/Rappler

Metrobank extends P7B worth of loans to Globe

Nov 23, 2015 - 4:21 PM

The loans will be used to finance Globe s capital expenditures aimed at further expanding enhancing its network

LOAN. Metrobank inks a 10-year loan facility worth P5 billion ($105.95 million) and another $45 million (P2.12 billion), 7-year facility with Globe, the bank says on Monday, November 23, 2015. Image from Shutterstock

Lucio Tan-owned PNB nets P5.5B in 2014

Apr 17, 2015 - 3:34 PM

The Philippine National Bank also embarks on a rebranding program in a bid to maintain existing clientele and attract new younger customers

BPI's 2014 net income falls due to investment, lower trading gains

Apr 08, 2015 - 6:12 PM

The BPI president says 2014 was an investment year for the bank

BPI 2015 Annual Stockholder's meeting results

Big PH banks maintain sufficient capital in Q3 2014

Mar 17, 2015 - 7:47 PM

The latest capital adequacy ratios show that universal and commercial banks have sufficient buffer against unexpected losses that may arise during times of stress the central bank says

LIST: Bank operations during Pope visit

Jan 13, 2015 - 3:46 PM

Metro Manila and Tacloban branches of certain banks will be open during Pope Francis’ visit

LIST: Limited banking hours due to Typhoon Ruby

Dec 08, 2014 - 11:59 AM

4th UPDATE Here s a list of banks with limited operations in areas affected by RubyPH

Eastern Europeans could be behind ATM fraud – BPI

Dec 03, 2014 - 8:53 PM

UPDATED The Bank of the Philippine Islands has information that the skimming activities are similar to what recently apprehended Bulgarians have employed

BSP amends rules on thrift banks’ FX forwards activities

Nov 26, 2014 - 3:46 PM

The Monetary Board also approves amendments to rules to explicitly recognize the authority of thrift rural and cooperative banks to buy and sell foreign exchange

Maybank not keen on PH's Al-Amanah acquisition

Nov 10, 2014 - 6:48 PM

The local subsidiary of Malaysia’s Maybank says an acquisition of Al Amanah the country s Islamic bank is not part of its expansion prospects at the moment

FOREIGN PARTNER. The Philippines' lone Islamic bank wants a strategic partner to revitalize Al-Amanah which has posted profit loss over the years.

Big PH banks raise capital adequacy ratio in Q2 – BSP

Nov 07, 2014 - 1:07 PM

Universal and commercial banks in the country are able to increase their qualifying capital despite stricter requirements under the Basel 3 framework

[Executive Edge] Empowering the unbanked

Oct 06, 2014 - 2:10 PM

VMoney CEO Ralph Santos wants to give the unbanked in the Philippines access to financial services online

Philippines hikes key interest rates, first since 2011

Jul 31, 2014 - 5:50 PM

The monetary board s decision is a pre emptive response to signs of inflation pressures and elevated inflation expectations a central bank statement says

BSP keeps rates steady, but hikes rate on special deposits

Jun 19, 2014 - 8:41 PM

The central bank also raises its inflation forecasts for this year and 2015

Are you qualified to own a credit card?

Mar 21, 2014 - 1:07 PM

Find out if you re eligible to own a credit card

Photo courtesy of Shutterstock

Room to keep BSP rates steady 'narrowed'

Mar 19, 2014 - 11:11 AM

We re moving into a higher interest rate environment globally the central bank chief says citing the uptick in inflation

BDO 2013 earnings hit record P22.6B

Mar 03, 2014 - 12:06 PM

The country s largest bank by assets says loan growth and trading gains buoyed its bottom line

RECORD PROFIT. Henry Sy's BDO continues to perform well, thanks to sustained loan growth and trading gains. Screenshot from BDO website

BSP keeps interest rates steady despite inflation rise

Feb 06, 2014 - 5:24 PM

Inflation has been on the uptrend over the past 5 months largely due to higher food prices

BDO nets record P18.2B profit in Jan-Sept

Oct 29, 2013 - 12:20 PM

The 9 month net income of BDO Unibank the Philippines largest bank led by Henry Sy the country s richest is up a significant 73 from P10 5 billion a year ago

RECORD HIGH. BDO president Nestor Tan in this file photo reports about the financial performance of the Sy-led bank, the country's largest. Photo by Aya Lowe

Banks, other lenders relax payment rules for quake victims

Oct 21, 2013 - 9:11 PM

Citi and BPI offer to waive late charges while Pag Ibig and NHMFC extend amortization terms to quake victims in Bohol and Cebu

BPI H1 income grows 27% to P12-B

Jul 31, 2013 - 5:51 PM

The Ayala owned bank says its revenue growth outpaced the rise in its operating expenses

FINANCIALLY STRONG. BPI registers strong financial performance in the first half of 2013

PNB offers deposit notes

Jul 25, 2013 - 2:04 PM

The bank says proceeds will be used to fund its expansion and grow its capital base

Why OFWs are difficult market for life insurance

Jun 28, 2013 - 9:33 AM

While Filipino OFW s stand to benefit the most from life insurance regulatory restrictions prevent local brokers from gaining access to the market

INSURED. OFW's are a hard market to sell to because of regulatory restrictions. Photo by Aya Lowe/Rappler

IFC rep resigns from BDO board

Jun 14, 2013 - 10:10 AM

Farida Khambata IFC s representative to the board of Sy led BDO Unibank resigns due to a reassignment

PDIC files raps vs Exportbank officers

May 10, 2013 - 3:58 PM

The state deposit insurer files a criminal complaint against the former chairman and 5 other officers of the troubled Export and Industry Bank

FAILED BIDDING. The PDIC receives no bids for Exportbank. Photo from PDIC website.

Metrobank Q1 income soars 163% to P4.3-B

May 09, 2013 - 12:24 PM

The banking unit of tycoon George Ty saw its net income in the first quarter of 2013 nearly tripled

Citi PH named Best Bank in Asia

Apr 10, 2013 - 5:02 PM

The Philippine unit of global bank Citigroup or Citi was named the Best Bank in the Asia Pacific region in 2012 by Asset Magazine

Banks line up for San Miguel's $1.3-B, SM's $300-M loans

Mar 27, 2013 - 5:55 AM

About 8 banks are joining San Miguel s 1 3 billion syndicated 5 year bullet term loan while 5 have signed a 300 million 5 year term loan for SM Prime

Asians' savings to fall short in retirement - HSBC

Feb 26, 2013 - 1:50 AM

Asians expect their savings to last only 10 years after retirement

Hongkong business district image via Shutterstock.

Battered by Sandy, AIG posts $4-B loss in Q4

Feb 22, 2013 - 8:42 AM

The massive storm Sandy that ravaged the heavily populated Northeast resulted in a pre tax catastrophe loss of 2 billion

THOUSANDS HOMELESS. Cars piled on top of each other at the entrance to a garage on South Willliam Street in Lower Manhattan October 31, 2012 in New York as the city begins to clean up after Hurricane Sandy. AFP PHOTO/Stan HONDA

No deal? BPI, PNB talks pass Dec. 15 deadline

Dec 17, 2012 - 2:25 PM

The exclusivity period for the talks between the shareholders of BPI and PNB lapsed last December 15

NO DEAL? The negotiations between BPI and PNB for a merger deal would have created the Philippines' largest lender by assets, beating BDO

Ayala, Lucio Tan groups in talks to create top PH bank

Nov 21, 2012 - 11:11 AM

The Ayala group s Bank of the Philippine Islands confirms a newspaper report that it is in talks with the Lucio Tan group for a majority stake in Philippine National Bank

TOP PH LENDER? BPI and PNB are in talks for a merger deal that will create the Philippines' largest lender by assets, beating BDO

UBS trader who lost $2.3-B jailed for 7 yrs

Nov 21, 2012 - 9:24 AM

The Ghanaian born banker is found guilty of two counts of fraud by a jury at Southwark Crown Court but cleared of 4 charges of false accounting

Lending, trading gains lift BPI third-quarter income

Oct 30, 2012 - 7:23 PM

The Ayala owned bank says earnings in the January to September period rose 37 from last year to P13 2 billion

HIGHER EARNINGS. Bank of the Philippine Islands reports a 37% growth in net income in Q3 2012. Photo courtesy of AFP

UBS to cut nearly 10,000 jobs by 2015, posts heavy loss

Oct 30, 2012 - 6:24 PM

The Swiss banking giant announces nearly 10 000 job cuts worldwide saying that the costs of restructuring its hard hit investment bank pushed it deep into loss in the third quarter

Vietnam political battles heat up as economy falters

Aug 26, 2012 - 2:00 PM

The arrest of one of Vietnam s top banking tycoons reflects a wider power struggle among the Communist rulers over how to tackle the country s deepening economic troubles experts say

BDO cash card holders to pay P2 per ATM withdrawal

Aug 20, 2012 - 6:51 PM

Sy led BDO Unibank the country s biggest bank in terms of resources confirmed it will impose a P2 fee for every withdrawal made by holders of cash cards via Automated Teller Machines ATM starting September 1

Landbank's Jan-June profits up 3.8% to P5.74-B

Aug 02, 2012 - 12:34 PM

State run Landbank of the Philippines reported a P5 74 billion net income in the first 6 months of the year reflecting a 3 83 increase from the same period a year ago

Visa, MasterCard to pay $6-B in card fee suit

Jul 14, 2012 - 8:29 AM

The firms are paying to settle a class action lawsuit filed by millions of merchants who alleged they fixed card use fees

DBP chief resigns, cites health issues

Jul 10, 2012 - 2:46 PM

Does the resignation of Development Bank of the Philippines president and CEO Francisco Popoy F del Rosario have anything to do with his alleged tiff with DBP chairman Jose Nuñez?

Is HSBC leaving the Philippines?

Mar 13, 2012 - 12:57 PM

An HSBC Philippine representative says the Financial Times report that the bank is closing its local operations is speculative

Lucio Tan-led PNB, Allied Bank eye merger by Q2

Mar 06, 2012 - 6:30 PM

The long delayed merger of two Lucio Tan led commercial banks PNB and Allied Bank is expected take effect in the 2nd quarter of 2012

Who wants Union Bank? Not us, say BPI, RCBC

Feb 27, 2012 - 2:18 PM

Two local universal banks denied a reported stock market rumor that they are interested in Aboitiz led Union Bank of the Philippines

Business group slams court order to reopen Banco Filipino

Feb 16, 2012 - 5:20 PM

Makati Business Club expressed its outrage over the recent decision of the Court of Appeals to order the reopening of thrift bank Banco Filipino

Metrobank 2011 profits up 32% to P11-B

Feb 16, 2012 - 11:14 AM

Ty led universal bank Metrobank grew its net profits by 31 99 through higher interest fee based earnings and better than expected treasury gains

Working the power of the crowd

Feb 12, 2012 - 1:52 PM

Artiste Connect works as a funding platform for Filipino artists

Prudentialife is bankrupt, seeks rehab

Feb 08, 2012 - 6:26 PM

The troubled pre need firm is allowed not to pay obligations to clients creditors and suppliers as it tries to finalize a rehabilitation plan

Ty group earmarks P24-B IPO proceeds for real estate, BPO, energy

Feb 06, 2012 - 7:32 PM

Tycoon George Ty is eyeing new ventures outside its core banking insurance and car dealing businesses

Palace shrugs off CA ruling on Banco Filipino

Feb 02, 2012 - 8:25 PM

Malacanang has kept silent over the Court of Appeals ruling directing the BSP to reopen Banco Filipino despite President Aquino s previous strong reaction on moves to block regulatory actions against the bank

Palace on P51-B case vs Marcos, Ongpin: Don't blame us

Jan 23, 2012 - 11:45 AM

The less than 2 year Aquino government is not to blame for the unfavorable decision on the 24 year old Binondo central bank case says Palace official