BANCOMMERCE, “MOST DISTINGUISHED PARTNER” HALL OF FAMER IN SBGFC AWARDS
In the Annual Small Business Corporation Bank Excellence Awards held on July 23, the Bank once again brought home a “Most Distinguished Partner” award under the Credit Guarantee Program and a special Hall of Fame Most Distinguished Partner Award for its SME Wholesale Lending Program (to be a “Hall of Famer”, a bank must be able to win for four consecutive years).
Bank of Commerce hikes capital to P22 billion
By: Zinnia de la Peña, The Philippine Star (21 June 2010)
MANILA, Philippines - Bank of Commerce (BoC) has secured the Securities and Exchange Commission’s approval to raise its capitalization from P6 billion to P22 billion.
Documents filed with the SEC show that of the P16 billion increase in authorized capital stock, P11.45 billion has been subscribed and P7.36 billion paid-up.
The capital-raising program is intended to fund the bank’s expansion plans for 2010 to allow BoC to leverage further and amplify its asset portfolio, anchored on its lending and trading business.
The additional capital will finance several infrastructure upgrades, especially technology-driven products and channels like automated teller machines (ATMs), point-of-sale (POS) payment schemes, Internet banking services, and cash management services.
BoC, 51.1 percent owned by the San Miguel Corp. Retirement Plan, is one of the country’s progressive commercial banks which has been in operations since 1991. It offers a wide range of banking and other financial products and services, including traditional deposit products, corporate banking, consumer banking, treasury, asset management, trust services, trade, and credit card services.
Credit ratings issuer PhilRatings said the San Miguel Group’s controlling interest in BoC provides the bank a greater opportunity to further expand its volume of business. BoC services dominant and leading domestic companies which belong to the SMC Group, including its suppliers/dealers/distributors.
BANCOMMERCE BAGS MEGALINK AWARD FOR “MOST DEBIT BILLS PAYMENT CHANNELS”
Bank of Commerce received an award from Megalink Incorporated yesterday, May 11, in recognition for having the “Most Debit Bills Payment Channels” among the network’s 18 other member-banks.
The Bank was able to provide access to numerous MegaLink merchants through bCommerce, the Bank’s internet banking facility, making it now possible for clients to pay more bills without the need of an ATM.
SMC retirement fund tagged as Bancommerce stake buyer
DIVERSIFYING conglomerate San Miguel Corp. (SMC) confirmed on Tuesday that it is consolidating its majority ownership in midsize lender Bank of Commerce (Bancommerce) under its retirement fund.
This follows a previous announcement that subsidiary San Miguel Properties Inc. (SMPI) is selling its 31-percent stake in the commercial bank. The rest of the group’s shares are held by the San Miguel Corp. Retirement Plan (SMCRP).
In a text message on Tuesday, SMC president and chief operating officer Ramon S. Ang identified SMCRP as the buyer of the 31-percent stake from SMPI. The acquisition bring’s the fund’s ownership to 51.1 percent.
“The sale is subject to regulatory approval,” SMPI noted in its disclosure yesterday. SMC officials could not be immediately reached for comment.
Analysts said the move was in line with SMC’s plan to simplify the ownership structure of the bank. Bancommerce held total assets worth P109.03 billion and P92.93 billion in deposits for the first nine months last year. During the period, it reported a net income of P944 million.
Ang earlier committed to strengthen the bank and make it a major player in the industry. He likewise pointed to a possible listing on the exchange in the future.
(Business MIrror, February 17, 2010)
BANCOMMERCE CONTINUES ITS SUPPORT FOR UA&P’s MA- EDUCATIONAL LEADERSHIP
Bank of Commerce continues to support the Values Education Program for leaders in public schools—master teachers, department chairs and principals—through the University of Asia & the Pacific’s Master of Arts in Educational Leadership (MAEL). Last February 24, the Bank held a simple check turnover ceremony at the Head Office Executive Lounge to formalize its commitment to the program.
Representing the Bank were Pres. Raul de Mesa, EVP Art Manuel and VP Noel Cortez. The check was received by Dr. Severina Villegas, retired MAEL Program Director, Celerino Tiongco, Dean of the UA&P’s School of Education & Human Development, and Dr. Gladys Golo, faculty member of the UA& P’s School of Education.
February 8, 2010
PhilRatings upgrades Bancommerce ratings
By: Zinnia Dela Peña
The Philippine Star. February 8, 2010
MANILA, Philippines - Domestic credit watcher Philippine Rating Services Corp. (PhilRatings) has upgraded the issue and issuer credit ratings of Bank of Commerce due to the bank's improving capital position and the acquisition by San Miguel Corp. (SMC) of controlling stake.
From a PRS A plus, the rating for Bancommerce's outstanding P1.5 billion unsecured subordinated debt moved a notch higher at PRS Aa minus. An institution rates PRS Aa differs from the highest rated corporate only to a small degree and has a strong capacity to meet its financial commitments relative to that of other Philippine corporates. A plus or minus sign is added to further qualify the ratings.
Obligations rated PRS Aa are of high quality and are subject to very low credit risk. The obligor's capacity to meet its financial commitment on the obligation is very strong, PhilRatings said.
It pointed out that San Miguel's acquisition of a controlling interest augurs well for the bank given the diversifying conglomerate's strength, flexibility and diversity.
"The SMC Group's majority ownership has strengthened Bancommerce's competitive position given the opportunity of servicing dominant and leading domestic companies which belong to the SMC Group (e.g. San Miguel Brewery, Petron). The entry of SMC has also led to the expansion in Bancommerce's business as the bank has been able to provide its products and services to the companies, as well as the suppliers/dealers/distributors of the companies within the SMC Group," PhilRatings said.
PhilRatings added that the controlling interest of SMC in the bank provides Bancommerce a greater opportunity to further expand its volume of business. This will result from the major projects being undertaken by Bancommerce to generate additional revenue and funding streams from partners and consumers of the companies within the SMC Group |
