Philippine Savings Bank
From Wikipedia, the free encyclopedia
| Philippine Savings Bank | |
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| Type | Public (PSE: PSB) |
|---|---|
| Founded | Manila, Philippines (1959) |
| Headquarters | Makati City, Philippines |
| Key people | Jose T. Pardo, Chairman Pascual M. Garcia III, President |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Revenue | P485.6 million PHP ( 3%) (2004) [1] |
| Employees | 1,584 |
| Slogan | Maaasahan (Filipino: Trustworthy) |
| Website | www.psbank.com.ph |
The Philippine Savings Bank (PSE: PSB), commonly known as PSBank or PSB, is a savings bank based in the Philippines. It is a subsidiary of Metrobank and is the second-largest savings bank in the Philippines.
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[edit] History
PSBank was founded by the late Dr. Guillermo A. Picache on June 30, 1959 in Manila. A year later, on September 26, 1960, PSBank opened its first branch at Plaza Miranda in Quiapo. The bank eventually started off with a network of four branches, namely, in Quiapo, Divisoria, Carriedo and C.M. Recto Avenue.
In its early days, PSBank was seen as a bank of firsts, an industry innovator. It was the first bank to be open Monday to Saturday with no noon break and with extended banking hours, the first to utilize an online electronic data system and the first to offer banking services by mail. It was because of these innovations that customers dubbed PSBank the "Friendly Bank"
The bank changed hands twice: from the Picache family to the Dolor Group in 1973 and from the Dolor group to present-day dominant shareholder Metrobank in 1981. When Metrobank became the dominant shareholder of PSBank, the bank was turned into a Metrobank subsidiary.
As PSBank entered the 1990s, it recognized its need for dynamism in light of a rapidly changing industry. In 1991, the Bangko Sentral ng Pilipinas authorized PSBank to perform trust banking functions. By 1995, the bank was granted a quasi-banking license. The case is rare for a savings bank, since quasi-banking licenses are typically issued to commercial banks, universal banks and investment houses.
PSBank also introduced another first in 1994 by being the first savings bank to publicly list on the Philippine Stock Exchange. Its initial public offering raised P602.4 million for the bank. The following year, proceeds of a second stock rights offering yielded P526 million, which accounted for 63% growth in PSBank's capital funds.
Today, PSBank is one of the soundest banks in the Philippines and has shown that it is able to serve the needs of its diverse clientele. While it is capitalized at 45.8 billion pesos, it can qualify as a commercial or universal bank. However, the bank chose to stay a savings bank and decided to devote its resources towards retail banking.
[edit] Subsidiaries and affiliates
PSBank in itself is a subsidiary of Metrobank, and as such is affiliated with it. PSBank by itself, however, does not have any subsidiaries or affiliates.
[edit] Ownership
- Metropolitan Bank and Trust Company: 74.24%
- Dolor Group: 19.77%
- PCD Nominee Corporation: 1.98% (1.14% Filipino, 0.84% non-Filipino)
- Public stock: 4.01%
[edit] Competition
PSBank competes with other savings banks, such as Banco Filipino and Centennial Savings Bank. However, since PSBank is considered a major bank, it also competes with bigger financial institutions. It does not, however, aggressively compete with parent company Metrobank.
