Philippine Bank of Communications of bilyonaryo Lucio Co has its eye on its conversion into a universal banking entity to cater to a bigger customer base and a wider range of products and services.
In a regulatory filing, PBCom said it filed with the Bangko Sentral ng Pilipinas for an upgrade of its commercial banking license to a universal banking license.
The application, which is subject to regulatory approvals, is part of the bank’s journey to its next major milestone in the bigger banking space as PBCom aims to serve all sectors and segments of the economy.
A universal bank combines the services of a commercial bank and an investment bank, spanning retail banking (retail, micro, small and medium enterprises, and agriculture), corporate banking and infrastructure/project financing.
The transition would be subject to fulfilling the minimum capital requirement for universal banks, currently set at P3 billion up to P20 billion depending on the location and number of branches.
At present, PBCom offers basic commercial banking services such as deposit products, credit and loan facilities, trade-related services, treasury and foreign exchange trading, cash management services, trust and investment management services.
Ancillary services such as safety deposit boxes and manager’s checks, demand drafts, acceptance of tax and SSS payments are also available.
PBCom has over 90 branches, four of which are pop-up formats in selected Puregold stores. These branches are supported by a network of 159 automated teller machines and 61 cash deposit machines.