Philippine Savings Bank

Infobox_Company
company_name = Philippine Savings Bank
company_
company_type = Public (PSE: [http://www.pse.com.ph/html/ListedCompanies/listedcompanyinfo.jsp?securitySymbol=PSB PSB] )
company_slogan = Simple lang
foundation = Manila, Philippines (1959)
location = Makati City, Philippines
key_people = Jose T. Pardo, Chairman
Pascual M. Garcia III, President
num_employees = 2,030
industry = Finance and Insurance
products = Financial Services
homepage = [http://www.psbank.com.ph www.psbank.com.ph]
revenue = PhP1.018 billion PHP (profit27%) (2007) [http://www.psbank.com.ph/financials02.htm] The Philippine Savings Bank (Pse|PSB), commonly known as PSBank or PSB, is a savings bank based in the Philippines. It is a subsidiary of Metrobank and is the second-largest savings bank in the Philippines.

History

Over 47 years and working even harder to make PSBanking simply better.This philosophy is at the core of PSBank's desire to serve its market. Responding promptly to new challenges and putting a premium on emerging opportunities to make life better for valued customers, PSBank continues to keep pace with the changing needs of the times. PSBank, with innovative products and services that are responsive to client's needs, reinforces its reputation for service, stability, dependability and strength.

The late Dr. Guillermo A. Picache established Philippine Savings Bank (PSBank). The Bank opened its doors to the public on Sept. 26, 1960 at its first head office located at Plaza Miranda, Quiapo, Manila. PSBank started with a small network of four branches in Divisoria, Carriedo, Blumentritt and C.M. Recto.

That early, PSBank was seen as an industry innovator, introducing several firsts: Monday to Saturday banking with no noon break, extended banking hours, installation of online electronic data system and banking-by-mail. Convenience and service quality prompted clients to dub PSBank as "The Friendly Bank."

In 1973, PSBank ownership passed from the Picache family to the Dolor Group. In 1981, Metropolitan Bank and Trust Company (Metrobank) acquired majority shares of PSBank. PSBank became a subsidiary of Metrobank - the country's largest bank.

As PSBank entered the 90s, it recognized the need to address the changing face of the market and the industry. Continuing to strengthen partnership with its clientele, PSBank also expanded services and product offerings. In 1991, the Monetary Board of the Bangko Sentral ng Pilipinas authorized the Bank to perform trust banking functions. By 1995, PSBank was granted a quasi-banking license, previously granted only to commercial banks and investment houses.

PSBank broke new ground in 1994 when it became the first publicly listed savings bank in the country. The first offering of 25% stock rights to the public raised PhP602.4 million. The following year, proceeds of a second stock rights offering yielded PhP526 million accounting for 63% growth in capital funds.

Today, PSBank is even stronger and bigger not just in terms of size but more so in terms of being able to serve the multi-faceted needs of individual clients. With its capital, it can qualify as a commercial bank. PSBank, however, chooses to remain as a savings bank and use its resources to compete aggressively in retail banking. All to the benefit of consumers as PSBank offers a wide range of products - from deposits to loans - that addresses this segment of the market.

PSBank's thrust of providing the continuously growing needs of the consumer market is consistent with its vision of being the country's consumer and retail bank of choice. It is this vision that constantly guides PSBank and its people with a sense of mission to work harder for every individual customer - to meet his/her needs through the different phases of life.

ubsidiaries and affiliates

PSBank in itself is a subsidiary of Metrobank, and as such is affiliated with it. PSBank is affiliated with Toyota Financial Services Philippines Corporation (TFSPC), where it currently has a 25% stake.

Ownership

*Metropolitan Bank and Trust Company: 75.98%
*PCD Nominee Corporation: 5.86%
*Danilo L. Dolor: 5.04%
*Erlinda L. Dolor: 2.95%
*Ma. Soledad S. de Leon: 1.67%
*Public stock: 4.01%

Competition

PSBank competes with other savings banks, such as BPI Family Bank, RCBC Savings Bank and Banco Filipino. The bank is also competing against multinational savings bank such as Citibank Savings Bank and HSBC Savings Bank. However, since PSBank is considered a major bank, it also competes with bigger financial institutions. It does not, however, aggressively compete with parent company Metrobank.

Principal officers

Board of Directors

Senior Officers

ee also

*BancNet
*Metropolitan Bank and Trust Company

External links

* [http://www.psbank.com.ph PSBank website]