List of banks in the Philippines explained
The Philippines has a comprehensive banking system encompassing various types of banks, from large universal banks to small rural banks and even non-banks. As of September 30, 2022,[1] there were 45 universal and commercial banks,[2] 44 savings banks,[3] 400 rural and cooperative banks,[4] 40 credit unions and 6,267 non-banks with quasi-banking functions, all licensed by the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) under the General Banking Act of 2000.[5]
On top of regular banking services offered by universal, commercial, thrift and rural banks, there are savings and loan associations which are mainly based in communities and among retirees in the armed forces and the police organization and other employees of the government of the Philippines. Prominent among these small savings services is the Armed Forces and Police Savings & Loan Association, Inc. (AFPSLAI), which is exclusive to active servicemen and retirees of the armed forces in the Philippines.[6]
List
Universal and commercial banks
- The forty-five banks listed above are those with the biggest assets in the Philippine banking industry, listed at the BSP website as of September 30, 2022. The largest of these is BDO Unibank and the smallest is Al-Amanah Islamic Bank.
Source: Bangko Sentral ng Pilipinas[7]
Savings Banks
- These are the forty-four (44) savings and thrift banks in the Philippines as of September 30, 2022, listed in the official website of the Bangko Sentral ng Pilipinas (BSP).[8]
Rural and cooperative banks
- The rural and cooperative banks listed above are the updated list from the official website of the Bangko Sentral ng Pilipinas (BSP) as of September 30, 2022.[9] The largest rural bank in the Philippines in terms of assets is BDO Network Bank.[10]
Defunct or merged banks
- 1st E Bank (Philippine Branches acquired by Banco de Oro)
- Acme Savings Bank (acquired by the Sy Group of Companies and renamed Banco De Oro)
- AIG Philam Savings Bank (merged with East West Banking Corporation)
- Allied Bank (merged with Philippine National Bank)
- AMA Rural Bank of Mandaluyong, Inc.
- Banco Filipino
- Banco Santander Central Hispano (Philippine subsidiary acquired by Banco De Oro and renamed BDO Private Bank)
- Bank of Cebu
- Bank Saderat Iran (Philippine branches merged with Banco de Oro)
- BNP Paribas (acquired by RCBC)
- Capitol Development Bank (acquired by RCBC and became RCBC Savings Bank - merged with RCBC)
- Cooperative Bank of Aurora[11]
- Credito Italiano (acquired by Banco de Oro)
- Dao Heng Bank (acquired by Banco de Oro)
- Ecology Bank (merged with Equitable PCI Bank)
- Equitable PCI Bank (merged with PCI Bank forming it and now merged with Banco de Oro)
- Export and Industry Bank
- Family Savings Bank (acquired by BPI; renamed to BPI Family Savings Bank)
- Far East Bank And Trust Company (acquired by Bank of the Philippine Islands)
- GE Money Bank (acquired by Banco de Oro)
- Green Bank of Caraga (acquired by EastWest Banking Corporation alongside FinMan Rural Bank, Inc. in 2013 and became EastWest Rural Bank, Inc.)
- Industrial and Commercial Bank of China Limited (renamed BDO Elite Savings Bank)
- Insular Bank of Asia and America (merged with Philippine Commercial International Bank)
- International Exchange Bank (acquired by and merged with Union Bank of the Philippines)
- Keppel Bank (acquired by GE Capital Finance)
- Manila Bank (first incarnation shut down by BSP in 1987; second incarnation merged with Chinabank)[12]
- Mindanao Development Bank (merged with Equitable PCI Bank)
- Orient Commercial Banking Corporation (forced to close; Allied Bank took over 52 branches)
- Philippine Commercial International Bank (merged with Equitable PCI Bank and now merged with Banco De Oro)
- Philippine Postal Savings Bank (PostBank; acquired by Landbank in 2018 and became Overseas Filipino Bank)
- Philippine Resources Savings Bank (PR Savings Bank; acquired by CitySavings Bank in 2018)
- Planters Development Bank (merged with Chinabank Savings)
- Rabobank (forced to closed and merged with Union Bank)
- Société Générale (Philippine operations acquired by Union Bank)
- Standard Chartered Bank Philippines (Philippine retail banking business was acquired by East West Banking Corporation in 2016)
- Traders Royal Bank (now emerged with Bank of Commerce)
- United Coconut Planters Bank (merged with Landbank)
- Urban Bank (forced to close then merged with Export and Industry Bank)
Largest banks
See main article: List of largest banks in the Philippines.
External links
Notes and References
- News: Total bank resources grow 24% to P10.423 trillion in 2013 – BSP Manila Bulletin Latest Breaking News News Philippines . Manila Bulletin. February 12, 2014 . April 14, 2014 . Lee . Chipongian.
- Web site: BSP Universal & Commercial Banks - Ranking in terms of assets in 2022. BSP. bsp.gov.ph. September 30, 2022.
- Web site: BSP Thrift banks-Ranking in terms of assets in 2022. BSP. bsp.gov.ph. September 30, 2022.
- Web site: BSP list of accredited and authorized Rural & Cooperative banks in 2022. BSP. bsp.gov.ph. February 27, 2023.
- Web site: General Banking Law of 2000. BSP. bsp.gov.ph. February 27, 2023.
- Web site: History of AFPSLAI. AFPSLAI. afpslai.com.ph. February 27, 2023.
- Web site: BSP Ranking in terms of assets in 2022. BSP. bsp.gov.ph. September 30, 2022.
- Web site: BSP Thrift Banks - Ranking in terms of assets in 2022. BSP. bsp.gov.ph. September 30, 2022.
- Web site: BSP Rural & Cooperative Banks - Ranking in terms of assets in 2022. BSP. bsp.gov.ph. September 30, 2022.
- News: Manila Bulletin. BDO Network Bank to expand nationwide . March 7, 2020 . James . Loyola.
- News: Bangko Sentral shutters Aurora bank. December 12, 2020. The Manila Times. December 9, 2021.
- What Ever Happened to Manila Bank? . Paul John . Cana . . 8 July 2020 . 21 November 2023.