Following the approval of its universal bank license by the Monetary Board (MB), San Miguel Corporation (SMC) affiliate Bank of Commerce (BankCom) is setting its sights on further boosting support to local businesses – particularly the SMEs – to help drive economic growth amid the continuing pandemic.
The bank was officially granted its universal bank status in a ceremony led by Bangko Sentral ng Pilipinas (BSP) governor Benjamin Diokno, BSP Deputy Gov. Chuchi Fonacier, Monetary Board Members Peter B. Favila, Anita Linda Aquino, Felipe M. Medalla, V. Bruce J. Tolentino, and SMC President and Chief Executive Officer Ramon S. Ang, BankCom Chairman Jose T. Pardo, and BankCom president and CEO Michelangelo Aguilar.
Ang said that with the bank’s upgrade, it can now provide a wider array of financial solutions to clients, including additional products for businesses and large clients to raise working capital, especially those set on expanding their operations.
With a recent capital infusion of P5.5 billion from SMC Equivest Corporation, coupled with the potential proceeds of an upcoming Initial Public Offering, Ang said that Bank of Commerce is in a strong position to provide access to capital for both existing and new clients, including major companies.
As of September 2021, the total assets of BankCom stood at PHP195 billion, representing a 14% growth from PHP171 billion at the end of 2020. Further, its deposit base, spread across 140 branches, stood at PHP167 billion as of September 2021, representing a 14% growth from PHP149 billion at end-2020. Likewise, its net income grew by 26% in the first nine months of 2021, compared to the same period last year.
While Bank of Commerce already currently provides financial services to major corporate clients, Ang highlighted the importance of supporting small to medium enterprises, which he said are critical to the economy’s continued recovery.
He said that the growth of SMEs, many of which have the potential to become bigger businesses–as demonstrated by many major Philippine corporations today that started out as small businesses–is key to generating more employment nationwide.
“SMC would not be where it is today without our partner SMEs nationwide–from our dealers, contract growers, service station operators, franchisees, to service providers and many more in our nationwide ecosystem. They are key not just to our overall operations, but to stimulating and sustaining economic growth, especially at this crucial period when we are still in a pandemic,” Ang said.
“Bank of Commerce has been an indispensable partner for many of them and has a proven capability and track record in servicing both our partner SMEs and major subsidiaries. We are grateful that now, we can expand the bank’s offerings and services to more clients not just within the SMC network, but more significantly, outside of it,” he added.
Earlier, BankCom President Aguilar said the upgrade would allow Bank of Commerce to strengthen its presence in the domestic market, deepen its relationship with clients, and unlock opportunities to offer more products and services.
