Listed San Miguel Corp. (SMC) affiliate Bank of Commerce said Wednesday it has been conferred the authority to operate as a universal bank in the Philippines.
In a disclosure to the Philippine Stock Exchange, the Bank of Commerce said it received the formal certificate as a universal bank from the Bangko Sentral ng Pilipinas.
The bank said it will boost its lending portfolio to support local businesses, particularly small and medium enterprises, to help propel activities driving the country’s economic growth, following the change of its status from commercial bank to universal bank.
The lender said its plan to boost lending for small and medium businesses is in line with the recent approval of its board of directors on the reallocation of the remaining P940 million from its initial public offering proceeds for lending activities.
“As a universal bank, Bank of Commerce will strengthen its presence in the domestic market and deepen its relationship with clients through a broader range of financial solutions by being able to generate and warehouse interest-bearing assets such as marketable securities, and offer more investment banking products and services,” said Bank of Commerce president and CEO Michelangelo Aguilar.
SMC president and CEO Ramon Ang said that the upgrade of Bank of Commerce to a universal bank “means there will now be another major player in the banking sector that can help push SMEs and companies pursue their growth targets and long-term goals.”
