Bank of Commerce, also known as BankCom and BoC, ranks 15th in terms of assets among Philippine lenders. 79.83% of the organization’s shares are owned by San Miguel Corporation, the largest group of companies in the Philippine Islands.

Foundation history of BankCom

In December 1963, Emerito Ramos founded the International Bank of Manila. After 5 years, the institution came under the control of the Central Bank of the Philippines. In 1979, the company HERDIS from Hong Kong bought the state bank, and a year later opened it under the name Commercial Bank of Manila. In 1982, the credit organization came under the control of the Government Insurance System for Services (GSS).

The institution underwent new changes in 1987, when the Philippine authorities launched a privatization program. A group of local entrepreneurs, with the support of the oldest First National Bank of Boston, bought a financial organization and renamed it the Boston Bank of the Philippines.

Philippine investors – leaders in communications, stock market, brokerage and credit services – strengthened the resource base of the Boston Bank of the Philippines, which led to the establishment of the Commercial Bank on November 28, 1991.

The development of BoC

Originally Commercial Bank was engaged in trade finance and trust operations. Since 1993, BoC has completely come under the control of Filipinos, who bought out a controlling stake from First National Bank of Boston.

In the early 2000s, BankCom took the first steps towards a trilateral merger. The reason was the policy of the Central Bank to give greater preference to major players in the banking industry. 

In September 2000, BoC acquired Pan Asia Bank, and a year later bought the individual assets and liabilities of Trader’s Royal Bank. This maneuver Commercial Bank expanded its branch network to 112 branches. 

In 2005, the Bank started to raise capital of the second level and improve the  quality of assets. Thus, by providing technical support to the Republic of Equatorial Guinea, BoC helped create the country’s first national bank.

Partnership with San Miguel Corporation

In October 2007, San Miguel Corporation, through its subsidiaries San Miguel Properties Inc (SMPI) and the San Miguel Corp. Pension Fund acquired a 34.3% stake of Commercial Bank in the amount of PHP 2 billion ($ 43 million).

In April 2008, the Corporation increased its stake to 51.1%, and 2 years later transferred 31% to the management of SMCRF Bank, making it a controlling shareholder.

In early 2011, SMPI bought out 7.16% of the shares of the Commercial Bank, increasing the total package of assets of San Miguel Corporation to 58.2%. Since 2017, the share of San Miguel in BoC is 79.83%.

Having received additional capital, reserves and experienced risk management from San Miguel Corporation, BankCom strengthened its position among the major players in the banking sector in the Philippines. 

Financial indicators

As of December 31, 2017, the Commercial Bank manages:

• total assets of PHP 140.5 billion ($ 2.8 billion);
• own capital in the amount of PHP 17.8 billion ($ 356 million);
• deposits – PHP 118.8 billion ($ 2.37 billion);
• net loans – PHP 62.6 billion ($ 1.25 billion);
• investments in qualifying funds – PHP 17.3 billion ($ 349 million).

Net profit in 2017 amounted to PHP 600 million ($ 12 million). 

Activities of the Bank

BoC provides commercial services to individuals and legal entities:

• deposit products;
• loan products;
• corporate banking;
• currency trading;
• domestic and foreign money transfers;
• treasury and trust services.

Customers can perform banking transactions via Internet banking.

Branches and ATMs

BankCom has 137 branches and 252 ATMs throughout the country.

The central office of the Bank is located in Mandaluyong at the street St. Francis, 7 in the building of the Real Estate Center San Miguel.

Location of BoC offices in other cities:

*All branches are open from Monday to Friday from 9.00 to 16.00 h.

Reviews

Banks do not deal with borrowers who do not fulfill their obligations. The alternative is online credit services that are more loyal and impose less stringent requirements.

- Mister X

Customers can instantly get a loan from the Pag-IBIG Fund, where income certificates and collateral are not needed. You can contact the service if you want to save time waiting for a positive decision of the bank, since there is no need to draw up any additional documents or references. Most often people come here to get a housing loan. Money can be obtained in a convenient way. For this it is important to correctly fill in your data on the site.

- Mister Y