International Exchange Bank
From Wikipedia, the free encyclopedia
| International Exchange Bank | |
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| Type | Public (PSE: IBNK) |
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| Founded | Manila, Philippines (1995) |
| Headquarters | Makati City, Philippines |
| Key people | Edwin R. Bautista, President and CEO |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Net income | P755 million PHP ( 44%) (2005) [1] |
| Employees | 1,400 |
| Slogan | Taking relationships to heart |
| Website | www.ibank.com.ph |
International Exchange Bank (PSE: IBNK), more commonly known as iBank, is one of the largest banks in the Philippines, ranking within the top twenty in terms of assets. It was recently acquired by the larger Union Bank of the Philippines in mid-2006, although the two banks presently remain separate.
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[edit] History
iBank was founded as a commercial bank on August 17, 1995, starting operations on September 25 of that year. It grew rapidly largely due to its consumer-oriented services which proved to be popular at the time. It was one of the many banks formed during the 1990s, when the administration of Fidel V. Ramos and Bangko Sentral ng Pilipinas governor Gabriel Singson encouraged the formation of more banks, a policy since reversed today.
On September 22, 2003, iBank joined MegaLink and unveiled its iDeal ATM card. At the time of its launch, the iDeal card was revolutionary in the sense that it was the first ATM card to come with value-added benefits, such as shopping discounts.
The bank listed on the Philippine Stock Exchange on December 6, 2004, under the ticker symbol IBNK.
iBank was acquired by Union Bank of the Philippines on June 5, 2006 that saw 98.86% of all iBank shares being sold in a block sale. Although UnionBank has plans to merge the two banks, catapulting UnionBank to become the seventh-largest bank in the Philippines in terms of assets, the two banks presently remain separate.
[edit] Ownership
- Union Bank of the Philippines: 98.86%
- Others (includes public stock): 1.14%
