Premiere Development Bank
From Wikipedia, the free encyclopedia
| Premiere Development Bank | |
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| Type | Private |
| Founded | Pasay City, Philippines (1960) |
| Headquarters | Makati City, Philippines |
| Key people | Procopio C. Reyes, Founder Belen R. Castro, President |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Employees | 400 |
| Website | www.premierebank.com.ph |
Premiere Development Bank, also known as Premiere Bank, is a private development bank in the Philippines that was established in 1960 by Dr. Procopio C. Reyes. It is one of the largest private development banks in the Philippines. The bank has two slogans: the older, Tagalog-language Kabalikat sa sipag at tiyaga, and the newer, English-language Steadfast partner of the Filipino entrepreneur. Both slogans are currently in use, although the latter is used more than the former. The bank currently has 38 branches.
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[edit] History
Premiere Development Bank started off as a small, five-man operation founded by Dr. Procopio C. Reyes as the Pasay City Development Bank. Its first office was a small, rented building on Taft Avenue in Pasay City. Founded on an initial investment of one million Philippine pesos, the bank grew rapidly throughout the 1960s and 1970s, and established its first branch in 1967.
In 1979, the bank's management adopted the bank's present name. The name change was attributed to the continuing aspirations of Premiere Bank to grow and to continue its commitment to service and excellence.
While banks throughout the 1980s, mostly in 1984, were suffering illiquidity problems and were being shut down by the Bangko Sentral ng Pilipinas, Premiere Bank was able to stay open. It was one of the thrift banks that was able to maintain a high level of liquidity and not receive any financial help from the BSP.
In 1987, the presidency of the bank would move from father to daughter, as the current president, Belen R. Castro, was appointed. She remains the bank's president up to this day.
In 1990, the BSP granted Premiere Bank a license to operate a foreign currency unit. The granting of its licence enabled it to partner with multinational institutions, namely Citibank, Chase Manhattan Bank and American Express, to handle its foreign currency operations. A year later, it launched its first credit card under the Visa brand name in partnership with Equitable CardNetwork and became a member of MegaLink. In 1992, it launched its trust banking operations.
[edit] Subsidiaries and Affiliates
Premiere Development Bank has no subsidiaries of affiliates. However, it is a member of the MegaLink interbank network.
[edit] Competition
The main competitors of Premiere Bank include banks such as Plantersbank and other development banks.
