Banco De Oro - Equitable PCI Bank Merger
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Banco de Oro-Equitable PCI Bank merger (2004-present) is a plan by the SM Group of Companies and Banco de Oro Universal Bank, the fifth-largest bank in the Philippines, to merge with (although it is considered by some as an acquisition or even as a hostile takeover) Equitable PCI Bank, the third-largest bank. The merger is part of a long-term goal of Banco de Oro to become one of the largest names in the Philippine banking industry. [source]
Banco de Oro (BDO) and Equitable PCI Bank Inc. (EPCI) announced last November 2006 that their respective Boards of Directors passed resolutions approving a plan to merge the two companies. The combination of the branch networks and other businesses of BDO and EPCI will enable the combined bank to serve its customers better and more efficiently than either institution alone. Aside from the added convenience that will come from the expansion of the branch and ATM network, the increased scale will better enable the new institution to invest in the most up-to-date technology and develop more innovative products which will benefit both retail and corporate customers. In addition, the combined bank will be better able to upgrade its risk management and IT systems in order to address Basel II requirements. [source]
Teresita Sy-Coson’s comment on the BDO EPCI Merger
Teresita Sy-Coson, Vice-Chairperson of the Board and Chairperson of the Executive Committee of EPCI, said, “The merger of BDO and EPCI will bring together the banks’ organizational strengths, which we believe will provide greater customer service and enhanced shareholder value.”
Bangko Sentral ng Pilipinas’ comment on the merger
Governor Amando Tetangco of Bangko Sentral ng Pilipinas described the proposed merger as an important step in the ongoing development of the Philippine banking sector. He said, “The proposed merger of BDO and EPCI will create a bigger and stronger institution which will be among the leaders in the industry. It also continues the process of consolidation, which we believe is positive for the Philippine banking system.”
Deputy Governor Nestor Espinilla of Bangko Sentral ng Pilipinas, added, “The merger of BDO and EPCI raises the bar of competition for the Philippine banking industry. It is good for financial stability and good for customer service.”
Basic History of the BDO - EPCI Merger
January 2004 - Banco de Oro expressed their interest in acquiring Equitable PCI Bank.
August 2005 - BDO and SM Investments Corporation, acquired 24.76% of Equitable PCI shares from the Go family.
January 2006 - Banco de Oro offered to buy the rest of Equitable PCI for 41.3 billion pesos.
November 2006 - BDO and EPCI Bank Announce Plan to Merge.
December 2006 - Banco de Oro shareholders approved the merger with Equitable PCI Bank.
March 2007 - BDO and EPCI Bank ATM became interconnected. Transactions are free of charge.
April 2007 - Central bank approves Banco de Oro-Equitable PCI merger.
May 2007 - Trading of Banco de Oro and Equitable PCI Bank shares were suspended.
June 2007 - Equitable PCI Bank was be de-listed from the Philippine Stock Exchange.
June 2007 - SEC Approves BDO-EPCI Legal Merger.
July 2007 - Several EPCI Branches announced to change bank name from EPCI Bank to Banco De Oro - EPCI Bank.
The merger is indeed a great move as many EPCI Bank account holders can now enjoy the benefits from Banco de Oro and vice versa.
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jemabelle Says:
may i ask if the banco de oro card holders are qualified for the zero interest of equitable merchants? what are the qualification of a bdo card holders to be qualified in the zero ineterest of equitable?
Robert Sales Says:
Dear Sir/madam,
I am a EquitablePCI Bank account holder with a time deposit (dollar) since 2004 in Recto Branch. As far as i know, Banco de Oro will be the one to handle previous accounts from EPCI right?
What will i do with my time deposit account in EPCI? Pls advise.
many Thanks.
Robert
Alfredo Says:
@jemabelle - I am sorry I cannot help you with that. Maybe calling their customer support can help.
@Robert - Yes BDO will be updating all your data from EPCI to BDO.