PBCOM poised for growth as it marks its 75th year
The Philippine Bank of Communications (PBCOM) marked its 75th anniversary on 04 September 2014. Established in 1939, PBCOM has grown to a network of 72 branches, 4 other banking offices (OBOs), 19 rural bank branches and over 1,500 employees nationwide.
As it marks a milestone in its history, PBCOM positions itself for further growth and expansion. President and CEO Nina D. Aguas shares, “The best way for us to honor the past 75 years of PBCOM is to look ahead, armed with learnings from our history. As we turn 75, we are focused on the next 75 years and are keeping our sights on how we can make PBCOM bigger and stronger in the years to come.”
Members of PBCOM’s Senior Management Team leading the bank’s expansion and growth (from left to right): Horatio Aycardo (Operations and Technology), Kevin Lynch (Convenience Banking and SME Banking), Daniel Ang Tan Chai (CFO), Melissa Henson (Marketing and E-Business), Nina D. Aguas (President and CEO), Joselynn Torres (Business Development), Victor Lim (Prosperity Banking), and Patrick Cheng (Trust and Wealth Management)
In the past eighteen months, PBCOM has made significant investments in expanding its branch network, opening eight new branches since July 2013. PBCOM hopes to mark its 75th year by adding three more branches to its network within the month. “The three additional branches will bring PBCOM’s total network to 75 branches, just as we celebrate our 75th anniversary this September,” Aguas added. The bank has been granted a total of 59 new branch banking licenses by the BSP since 2013.
In an effort to deepen its reach in the countryside, PBCOM recently acquired two rural banks – the Rural Bank of Nagcarlan and BancoDipolog, Inc. The acquisitions add a combined 19 rural banking branches to PBCOM’s network.
To further its presence across the country, PBCOM recently opened four other banking offices (OBOs), after having received 50 OBO licenses from the BSP in February 2014. It plans to open a total of ten OBOs before the end of the year. The bank has likewise expanded its ATM network, deploying over 100 ATMs in the past year.
PBCOM has likewise continued to invest in strengthening its core banking business, launching new products aimed at better serving clients’ evolving needs. In 2013, PBCOM introduced the Convenience Banking Segment, which offers lending solutions such as home, auto and personal loans to consumers. In addition, on September 1st, PBCOM Insurance Services Agency Inc. began operations, complementing the investment options available to PBCOM’s client base with insurance products.
As it moves forward, PBCOM has its sights set on servicing the emerging SME market. The bank recently launched its SME Banking Segment, which offers business loan solutions tailored for SMEs. These include short term working capital loans, term loans, trade check discount lines, trade finance receivables lines and letters of credit. “PBCOM is purposeful in its support of SMEs. Because SMEs make up the majority of business enterprises in the country, this sector is an important backbone of the Philippine economy. They need a bank that is focused on serving their financial needs,” Aguas said. “Expanding our SME products allows us to support their banking needs and enables us to contribute to the development and strengthening of communities nationwide.”