United Coconut Planters Bank
From Wikipedia, the free encyclopedia
| United Coconut Planters Bank | |
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| Type | Private |
| Founded | Manila, Philippines (1963) |
| Headquarters | Makati City, Philippines |
| Key people | Armand V. Fabella, Chairman Jose L. Querubin, President and CEO |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Revenue | unknown |
| Employees | unknown |
| Website | www.ucpb.com |
The United Coconut Planters Bank, more popularly known by its initials, UCPB, or by its old name, Cocobank, is one of the largest banks in the Philippines, ranking within the top twenty banks in the Philippines in terms of assets. The bank, owing to its name, caters heavily to coconut farmers, but also serves a wide-ranging clientele. It is one of two universal banks not listed on the Philippine Stock Exchange, the other being Allied Bank.
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[edit] History
UCPB started off on May 15, 1963 as First United Bank. With only four branches at the time, it was a small commercial bank. The bank, even at the midst of political turmoil, grew rapidly. It eventually became a universal bank in 1981.
The origins of UCPB's current name are unknown. However, the name is believed to have existed since the late 20th century, with the name Cocobank being the official short bank name in the 1980s and the early 1990s.
In 1990, UCPB, along with today's Equitable PCI Bank, Philippine National Bank and the now-defunct Far East Bank, formed MegaLink, one of the three main interbank networks in the Philippines. However, UCPB's ATM services date back to the 1980s, when it was one of the first financial institutions to offer ATM services. It established its pre-need services arm, Cocoplans, in 1993.
The bank is also heavily involved in social development projects and other charity works. Today, UCPB is one of the largest Philippine banks, with 212 branches and 215 ATMs nationwide. It is also the only universal bank to have a rural banking subsidiary, although this has since been merged into its thrift banking operations since late 2005.
[edit] Subsidiaries and affiliates
UCPB is divided into the following subsidiaries and affiliates:
[edit] Subsidiaries
- UCPB Leasing and Finance Corporation
- UCPB Properties
- UCPB Savings Bank
- UCPB Securities
- United Foreign Exchange Corporation
- United Funds
[edit] Competition
Due to its position as a universal bank, UCPB competes primarily against major Philippine banks like Metrobank, Banco de Oro, BPI, Land Bank of the Philippines and Philippine National Bank.
[edit] See also
[edit] External links
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