BDO Unibank, Inc. history, profile and history video
BDO Unibank, Inc., also known as Banco de Oro (BDO), is a full-service universal bank headquartered in Mandaluyong, Philippines. It has international offices (including full-service branches in Hong Kong and Singapore) spread across Asia, Europe, North America, and the Middle East.
BDO provides its products and services to the retail and corporate markets, including corporate and consumer lending, deposit-taking, foreign exchange, brokering, trust and investments, credit cards, corporate cash management, and remittances.
Through its subsidiaries, BDO offers leasing and financing, investment banking, private banking, rural banking, life insurance, insurance brokerage, and stock brokerage services.
BDO is a member of the SM Group, one of the Philippines’ largest conglomerates with businesses spanning retail, mall operations, property development (residential, commercial, resorts/hotel), and financial services.
HISTORY
BDO was established in 1968 as Acme Savings Bank in Manila, Philippines.
In 1976, Acme was acquired by the SM Group and renamed Banco de Oro Savings and Mortgage Bank.
In 1994, BDO became a commercial bank and was renamed Banco de Oro Commercial Bank.
In 1996, BDO became a universal bank and changed its name to Banco de Oro Universal Bank (BDO Unibank).
In 1997, BDO entered the insurance services by establishing BDO Insurance Brokers.
In 1999, BDO began partnerships with Zamora Assurance, Assicurazioni Generali s.p.a. (Generali) and Jerneh Asia Berhad to expand its insurance services.
In 2001, BDO merged with Dao Heng Bank’s Philippine subsidiary.
In 2002, BDO acquired the operations and 57 branches of 1st e-Bank (formerly PDCP Bank) from Metro Pacific Corporation (now Metro Pacific Investments Corporation).
In 2003, BDO acquired Santander‘s local banking unit and its commercial, trust, and derivatives licenses to become BDO Private Bank, a subsidiary of BDO Unibank.
In 2005, BDO acquired 66 Philippine subsidiary’s branches of United Overseas Bank.
In August 2005, BDO Unibank and SM Investments, a subsidiary of SM Group, bought 24.76% of the shares of Equitable PCI Bank.
In 2007, Banco de Oro Universal Bank merged with Equitable PCI Bank. The new entity was known as Banco de Oro-EPCI, Inc., but the name was changed to Banco de Oro Unibank, Inc.
In 2009, BDO acquired the Philippine operations of GE Money Bank (now known as GE Capital), General Electric‘s financial services division.
In 2010, Banco de Oro Unibank changed its name to BDO Unibank, Inc.
In 2013, BDO announced its plan to acquire 99.99 percent of Citibank Savings Inc.
In 2014, BDO acquired the trust business of Deutsche Bank’s branch in Manila.
In 2014, BDO also acquired The Real Bank Inc. (a thrift bank), and One Network Bank, one of the country’s largest rural banks.
In 2019, One Network Bank was renamed BDO Network Bank.
SUBSIDIARIES
- BDO Life;
- BDO Insure;
- BDO Securities;
- BDO Private Bank;
- BDO Finance;
- BDO Network Bank;
- BDO Capital;
- BDO Foundation.
With more than 38,000 employees and over 1,700 operating branches worldwide, BDO Unibank, Inc. is considered one of the largest banks in the Philippines. According to Forbes, it is considered one of the Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, and www.bdo.com.ph.
**Video published on YouTube by “Companies History“.