Inconvenience at BDO branch
But I am familiar with its humble beginnings, and managed to follow (largely thru business news info) its marvelous growth, until it became the largest bank in the country that it is now, in terms of assets, loans and deposits.
BDO began in January, 1968 as a thrift bank called Acme Savings Bank, and with only
two branches in Manila – one of the smallest banks at that time.
In November, 1976, ASB was acquired by the Sy Group – currently owned by retail magnate Henry Sy who also owns the SM chain of malls – and renamed Banco de Oro Savings and Mortgage Bank.
In 1994, BDO became a commercial bank and was renamed Banco de Oro Commercial Bank.
The current BDO Unibank, Inc. is the product of the Banco de Oro-Equitable PCI Bank MERGER on December 27, 2006.
It was first renamed Banco de Oro-EPCI, Inc. and eventually further renamed as Banco de Oro Unibank, Inc.
BDO has a good number of SM satellites/subsidiaries (their logos invariably bearing the now-household-byword “SM”) catering to various finance-related markets/services designed to assist their ever-growing clients “in transforming their money into wealth; wealth that will further appreciate/grow in value over time to satisfy their future requirement, to secure their children’s future and to sustain themselves in their twilight years.”
While it is true that in 2008 BDO figured quite prominently in the bankrupt Lehman Brothers’ (a US bank) fiasco by reporting a $134 million exposure therein, BDO, by setting up some P3.8 billion, quickly obliterated that negative exposure, without jeopardizing clients’ investments in/deposits with it. (To be continued)