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EQUITABLE PCI BANK
TYPE
PUBLIC (PSE: EPCI)
FOUNDED
MANILA, PHILIPPINES (1950)
LOCATION
MAKATI CITY, PHILIPPINES
KEY PEOPLE
ANTONIO L. GO, CHAIRMAN
RENE J. BUENAVENTURA, PRESIDENT AND CEO
INDUSTRY
FINANCE AND INSURANCE
PRODUCTS
FINANCIAL SERVICES
REVENUE
P1.81 BILLION PHP (39%) (2004) [1]
WEBSITE
WWW.EQUITABLEPCIB.COM
EQUITABLE PCI BANK (PSE: EPCI) IS ONE OF THE LARGEST BANKS IN THE PHILIPPINES, BEING THE THIRD-LARGEST BANK IN TERMS OF ASSETS. IT IS KNOWN FOR A WIDE RANGE OF SERVICES FROM SAVINGS TO INSURANCE AND, THROUGH EQUITABLE CARDNETWORK, IS THE LARGEST PHILIPPINE CREDIT CARD ISSUER. THE BANK IS OWNED BY VARIOUS ENTITIES, INCLUDING RIVAL BANCO DE ORO UNIVERSAL BANK.
CONTENTS
1 HISTORY
2 OWNERSHIP
3 COMPETITION
4 SEE ALSO
5 EXTERNAL LINKS
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[EDIT]
HISTORY
EQUITABLE PCI BANK ACTUALLY STARTED OFF AS TWO SEPARATE BANKS, AS BOTH EQUITABLE BANK AND PHILIPPINE COMMERCIAL INTERNATIONAL BANK, OR PCI BANK.
ON JUNE 17, 1950, EQUITABLE BANK WAS FOUNDED BY GO KIM PAH AS THE FIRST COMMERCIAL BANK IN THE PHILIPPINES LICENSED BY THE NEWLY-FORMED CENTRAL BANK OF THE PHILIPPINES (OTHER COMMERCIAL BANKS LIKE BANK OF THE PHILIPPINE ISLANDS WERE FORMED AND LICENSED DURING THE SPANISH OR AMERICAN REGIMES). HOWEVER, IT WAS NOT UNTIL 1955 THAT EQUITABLE OPENED ITS FIRST BRANCH IN DIVISORIA.
IN 1958, EQUITABLE ESTABLISHES THE FIRST AND ONLY DIRECT TELEX SERVICE BETWEEN THE PHILIPPINES AND JAPAN AT THE TIME, WITH INITIAL MESSAGES EXCHANGED BETWEEN EQUITABLE AND CHASE MANHATTAN BANK OF TOKYO.
ON AUGUST 15, 1963, EQUITABLE ESTABLISHES ITS FIRST BRANCH OUTSIDE THE PHILIPPINES IN HONG KONG, THE FIRST TIME A PHILIPPINE BANK OPENED A BRANCH IN THE CITY. TWO YEARS LATER, ON MARCH 26, 1965, EQUITABLE OPENS ITS FIRST PROVINCIAL BRANCH IN CEBU CITY. BY 1972, EQUITABLE EMERGED AS THE COUNTRY'S PREMIER BANK.
IN 1977, THE BANK RECEIVED ITS FOREIGN CURRENCY LICENSE FROM THE BSP AND IN 1980, ISSUED ITS FIRST CREDIT CARDS UNDER THE VISA BRAND. IN 1987, EQUITABLE BECAME A UNIVERSAL BANK AND WAS APPOINTED THE CLEARING HOUSE OF THE MAKATI STOCK EXCHANGE (NOW THE PHILIPPINE STOCK EXCHANGE).
IN 1989, EQUITABLE TURNS ITS CREDIT CARD DEPARTMENT INTO A WHOLLY-OWNED SUBSIDIARY, EQUITABLE CARDNETWORK, AND WITH THREE OTHER BANKS, NAMELY FAR EAST BANK, PHILIPPINE NATIONAL BANK, AND UNITED COCONUT PLANTERS BANK, FORMED MEGALINK, THE PHILIPPINES' LARGEST ATM NETWORK.
ON JULY 27, 1996, EQUITABLE SAVINGS BANK WAS ESTABLISHED AS EQUITABLE'S SAVINGS BANK ARM. EQUITABLE LISTED ON THE PHILIPPINE STOCK EXCHANGE ON APRIL 3, 1997, AND IN 1999, THE MERGER PLAN BETWEEN EQUITABLE AND PCI BANK WAS APPROVED, FORMING TODAY'S EQUITABLE PCI BANK.
ON AUGUST 5, 2005, THE SM GROUP OF COMPANIES AND BANCO DE ORO UNIVERSAL BANK ANNOUNCED THAT THEY HAVE PURCHASED A 24.76% STAKE OF EQUITABLE PCI FROM THE GO FAMILY, THE FAMILY THAT FOUNDED THE BANK, ALONG WITH A 10% STAKE IN EQUITABLE CARDNETWORK. ACCORDING TO NEWS REPORTS, BDO PLANS TO MERGE WITH EQUITABLE PCI AFTER ACQUIRING A MAJORITY STAKE IN THE BANK.
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OWNERSHIP
PCD NOMINEE CORPORATION: 52.65% (47.54% FILIPINO, 5.11% FOREIGN)
EQUITABLE DEVELOPMENT CORPORATION: 11.03%
TRANS MIDDLE EAST (PHILIPPINES) EQUITIES: 7.12%
EQUITY DEVELOPMENT CORPORATION: 6.21%
EQUITABLE PCI DIRECTORS: 1.87%
EQUITABLE PCI OFFICERS: 0.36%
PUBLIC STOCK: 20.76%
NOTE: THE OWNERSHIP STRUCTURE LISTED DOES NOT REFLECT THE PURCHASE OF A 24.76% STAKE ACQUIRED BY THE SM GROUP OF COMPANIES, WHICH INCLUDES BANCO DE ORO UNIVERSAL BANK
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COMPETITION
EQUITABLE PCI BANK'S MAIN COMPETITORS ARE METROBANK, BANK OF THE PHILIPPINE ISLANDS, LAND BANK OF THE PHILIPPINES, AND PHILIPPINE NATIONAL BANK.
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SEE ALSO
BANCNET
BANCO DE ORO UNIVERSAL BANK
EQUITABLE BANK
LIST OF PHILIPPINE COMPANIES
MEGALINK
PHILIPPINE COMMERCIAL INTERNATIONAL BANK
[EDIT]
EXTERNAL LINKS
EQUITABLE PCI BANK
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