Allied Banking Corporation (now Philippine National Bank) was one of the largest banks in the Philippines. It is also one of two universal banks in the Philippines not to be traded on the Philippine Stock Exchange, the other being the United Coconut Planters Bank.
In February 9, 2013, the bank was merged with Philippine National Bank, creating the 4th largest private domestic bank of the Philippines.
History
Allied Bank was incorporated under the laws of the Republic of the Philippines on April 11, 1977, and granted by the Central Bank of the Philippines the Certificate of Authority to operate as a commercial bank on May 20, 1977. It formally opened for business on June 2, 1977. On August 19, 1977, it was authorized to operate an expanded foreign currency deposit unit (FCDU) and in December 1981 granted to operate as expanded commercial bank or universal bank. As of December 31, 2007, Allied Bank was the 9th largest private domestic commercial bank in the country in terms of total deposits, and the 10th largest in terms of net worth..
Aside from its 283 domestic branches/offices, Allied Bank had 2 off-shore (OBU) branches in Bahrain and Guam; a wholly owned subsidiary in the United Kingdom (Allied Bank (UK) Plc); a majority owned subsidiary in Hong Kong (Allied Banking Corporation (Hong Kong), Ltd.); a majority owned commercial bank subsidiary in Xiamen, Fujian Province, People's Republic of China (Allied Commercial Bank), and an affiliate commercial bank based in San Francisco, California, USA with a branch in Guam (Oceanic Bank). Representative offices were established in Australia, Germany, Italy, Japan, Singapore and Spain.
In the Philippines, the universal banking group of Allied Bank included a wholly owned savings bank, the Allied Savings Bank, wholly owned Allied Forex Corp. and an affiliate Allied Leasing and Finance Corporation.
On December 7, 2007, the Supreme Court of the Philippines affirmed a judgment dismissing the state's sequestration of Lucio Tan's companies: "There can be no question that indeed, petitioner's (the government's) orders of sequestration are void and have no legal effect." The landmark decision would trigger a planned between Philippine National Bank (PNB) and another Tan's Allied Banking Corporation. Edgar Bancod, research head, ATR-Kim Eng Securities, stated that the merged bank would become the country's 4th biggest after Metropolitan Bank & Trust Co., Banco de Oro-EPCI Inc., and Bank of the Philippine Islands.
On February 9, 2013, the PNB-Allied Bank merger was completed and adopted the Philippine National Bank brand, making the merged bank as the 4th largest private domestic bank. Tarriela will be the chairman and Mier will be the chief executive of the merged bank
Subsidiaries and Affiliates
Domestic bank affiliates
- Allied Bankers Insurance Corporation
- Allied Leasing and Finance Corporation
- Allied Savings Bank
International bank affiliates
- Allied Bank Philippines (UK) Plc
- Allied Banking Corporation (Hong Kong) Ltd.
- Allied Commercial Bank
- Oceanic Bank
Competition
Allied Bank's main competitors were major Philippine banks like Metrobank, BPI, Banco de Oro, and Land Bank of the Philippines
See also
- BancNet
- List of banks in the Philippines
- List of Philippine companies
References
External links
- Allied Bank
Interesting Informations
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