Philippine Business Bank

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Philippine Business Bank
Type Private
Industry Finance and Insurance
Founded Manila, Philippines (1997)
Headquarters Caloocan, Philippines
Key people Alfredo M. Yao, Chairman Emeritus
Francis T. Lee, Chairman
Rolando R. Avante, President and CEO
Products Financial Services
Net income PhP794M (1st half of 2013)
Employees 1,296
Website www.pbb.com.ph

Philippine Business Bank, also known as PBB is one of the biggest savings banks in the Philippines. It started operations on February 12, 1997 as Total Savings Bank.[1] Before the year ended, it obtained approval from the S.E.C. to change its corporate name. To keep itself close to the small and medium scale businesses which includes both small and medium enterprises (SMEs) and large companies which it seeks to serve, PBB operates from its head office in Caloocan City unlike other banking institutions in the Philippines which hold office in the plush Makati, Ortigas and Binondo business districts.

Although considered as a newcomer in the banking community, PBB established 10 branches in its first year. By the end of its second year, it had 15 branches in Metro Manila and neighboring business centers. The bank aims to branch out into the country's other business hubs. In January 2013, PBB announced plans to expand its nationwide network of 78 branches to 100 by year-end. The first phase of expansion will focus on Luzon, especially the Metro Manila area, and additional branches will be used to reach out to the Philippines’ growing SME industry, which accounts for 63 per cent of PBB's total loan portfolio.

In early 2013, PBB has announced an initial public offering (IPO) at the stock exchange in Manila to fund its nationwide expansion to 100 branches by the end of 2013. The IPO is expected to fetch $98.8 million. [2]
As of end of December 2013, PBB now has a total of 100 branches across the country and recently, it received regulatory approval to open 26 new branches this 2014 in various locations in Luzon, Visayas and Mindanao. [3]

Philippine Business Bank is a part of the AMY Group, a conglomerate of companies owned by Alfredo Yao, the owner of the Zest-O line of fruit juices, majority owner of Zest Airways, the Philippines one of the major's Domestic airline company, his trading company wherein concentrates on Food and Cosmetic Ingredients AMCHEM Marketing, Inc, Harman Foods (Phils) Inc., his manufacturing company, his traveling agency business located at Valero St., Makati City which is the King of Travel, the Money Movers Inc. (formerly Perihelion Inc.), one of AMY's Remittance business's, one of the Sales and Marketing company of the Yao family located in the heart of Caloocan name as SEMEXCO Marketing Inc., SMI Development Corporation, which is classified in the Realty and Construction type of business of the family, SOLMAC Marketing, Inc., a well-known company for printing and packaging in Metro Manila, and last would be UNI-IPEL Industries, Inc..

Ownership

Majority owner

Sister companies

  • Zest Air
  • Zest-O
  • Amchem Marketing, Inc.
  • Asiawide Refreshing Corporation
  • Harman Foods (Phils.), Inc.
  • King of Travel
  • Money Movers Incorporated
  • Semexco Marketing, Inc.
  • SMI Development Corporation
  • Solmac Marketing, Inc.
  • Uni-Ipil Industries, Inc.

References

  1. ↑ Pakistan & Gulf Economist 2002 - Volume 21 "PHILIPPINE: Philippine Business Bank Inc. started its operations on February 12, 1997 as TOTAL SAVINGS BANK. It primarily targets business clients (SMEs and large companies) with strong logistics,"
  2. ↑ "Philippine Business Bank sets IPO date". Investvine.com. 2013-01-21. Retrieved 2013-01-24. 
  3. ↑ http://business.inquirer.net/153457/pbb-to-open-26-branches-till-14

External links

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