Bank of Makati explained

Bank of Makati (A Savings Bank) Inc.
Former Names:Rural Bank of Makati


Type:Private
Foundation:J.P. Rizal, Makati, Philippines
Location:Ayala Avenue Extension
Hq Location City:Makati, Metro Manila
Hq Location Country:Philippines
Locations:102 Branches
48 Regular Branch
14 Microfinance-oriented
40 Branch-lite units
Net Income: billion (2020)[1]
Assets: billion (Q3 2022)[2]
Key People:Thomas C. Ongtenco,
Luis M. Chua,
Parent:Motortrade (as affiliate company)
Industry:Finance
Services:Banking, Insurance

Bank of Makati, (A Savings Bank) (BMI) is a Filipino thrift bank established in 1956. It was founded as a rural bank prior to its approval by the Bangko Sentral ng Pilipinas to operate as a thrift bank on April 28, 2015 when it officially became a savings bank.[3]

History

The Bank of Makati was established on September 22, 1956, as the "Rural Bank of Makati, Inc." along J.P. Rizal in the then-town of Makati, Rizal. In October 2001, the banking company underwent a change in ownership as well as some reforms. In November 2005, the name of the company was officially changed to "Bank of Makati (A Rural Bank), Inc.".[4]

In 2006, the banking company was included in the list of Top 1000 Corporations in the Philippines. According to the Business World Corporate Profile 2008, the Bank of Makati is the biggest rural bank in the country with total assets worth and a net worth of more than exceeding the worth of some savings banks.[4]

The Bank of Company underwent a re-branding in 2009 and adopted a new logo and slogan.[4] Bangko Sentral ng Pilipinas granted the Bank of Makati a Certificate of Authority to operate as a thrift bank on April 28, 2015. With the granting of the certificate, the banking company officially changed its name to "Bank of Makati (A Savings Bank), Inc.".[5]

Services

Bank of Makati also provides motorcycle loans for customers of its sister company, Motortrade, and its affiliate businesses Motorjoy Depot Inc., Honda Prestige, and Motortrade Topline.

See also

Notes and References

  1. Web site: Bank of Makati 2020 Annual Report. Bank of Makati. bankofmakati.com.ph. December 31, 2020.
  2. Web site: BSP Ranking in terms of assets in 2022. BSP. bsp.gov.ph. September 30, 2022.
  3. Web site: Company Profile: BMI officially became a Savings Bank in 2015. Bank of Makati. bankofmakati.com.ph. April 28, 2015.
  4. Web site: History. Bank of Makati, Inc.. September 12, 2016.
  5. News: Awarding of Certificate of Authority by BSP to BMI. September 12, 2016. Bank of Makati, Inc.. 2015. https://web.archive.org/web/20170510115623/http://www.bankofmakati.com.ph/news/144-awarding-of-certificate-of-authority-by-bsp-to-bmi-43615722.html. May 10, 2017. dead.