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Tuesday, September 02, 2008

Banco de Oro Unibank Inc. bags top award

A prestigious international finance publication has awarded the Banco de Oro Unibank Inc. (BDO) as the Best Bank in the Philippines.

In ceremonies held in the Conrad Hotel in Hong Kong in July, Euromoney cited the merger between BDO and the former Equitable PCI Bank as “a real success of the historic deal.”

With the merger, BDO now has a much more extensive branch network and will benefit from Equitable’s traditional strengths in the middle markets and in credit cards.

By the end of 2007, BDO’s total deposits grew to $10.8 billion from $9.6 billion and it reported double-digit growth in low cost deposits. Net income grew to $142 million, up from $128 million in 2006. Capital base rose to $226 million (P10-billion) with a Tier 2 debt offering.

In a press statement, BDO president Nestor V. Tan said that the bank has already consolidated its resources with that of Equitable from which to build a stronger bank.

Total resources stood at P617.4 billion at the start of the year, and it is targeted to expand by 24 percent to P763.5 by end 2008.

At the end of 2007, BDO was ranked second among all banks, the same position it held in 2006.

It was ranked first in terms of gross customer loans, and third in terms of deposits (P444 billion) and total capital (P59.8 billion).



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