Equitable Bank history
On June 17, 1950, Equitable Banking Corporation was founded by Go Kim Pah[3] as the first commercial bank in the Philippines, licensed by the newly formed Central Bank of the Philippines (now Bangko Sentral ng Pilipinas). Other commercial banks like Bank of the Philippine Islands were formed and licensed during the Spanish or American regimes. However, it was not until 1955 that Equitable opened its first branch in Divisoria.
In 1958, Equitable established the only direct telex service between the Philippines and Japan at the time, with initial messages exchanged between Equitable and Chase Manhattan Bank of Tokyo.
On August 15, 1963, Equitable established its first branch outside the Philippines in Hong Kong and only International Branch, the first time a Philippine bank opened a branch in the city. Two years later, on March 26, 1965, Equitable opened its first provincial branch in Cebu City. By 1972, Equitable emerged as the country's premier bank.
In 1977, the bank received its foreign currency license from the BSP and in 1980, issued its first credit cards under the VISA (credit card) and Visa brand. In 1987, Equitable became a universal bank and was appointed the clearing house of the Makati Stock Exchange, now the Philippine Stock Exchange.
In 1989, Equitable turned its credit card department into a wholly owned subsidiary, Equitable CardNetwork. With three other banks, namely Far East Bank and Trust Company (since merged with BPI), Philippine National Bank and United Coconut Planters Bank, it formed Megalink, then the Philippines' largest ATM network.
On July 27, 1996, Equitable Savings Bank was established as Equitable's savings bank arm. Equitable listed on the Philippine Stock Exchange on April 3, 1997, and in 1999.
PCIBank history
PCIBank has a diverse and unique history. It was established in July 1938 as the Philippine Commercial Industrial Bank, with its head office in Dasmariñas Street, Binondo, Manila. In 1966, it moved its head office to the corner of T.M. Kalaw and A. Mabini Streets (building now demolished). In 1976, it merged with the Philippine Bank of Commerce and Merchants Banking Corporation, creating then the largest branch network. This tripartite merger transformed PCIBank into one of the largest financial institutions in the country.
The 1980s was a very significant decade in the bank; in 1982 it officially decided to adopt the history of the Philippine Bank of Commerce (PBC), resulting in it becoming the first Filipino-owned private commercial bank in the country. It established its ExpressPadala Center in Ermita, and pioneered the remittance business in the country. In 1983, it decided to change the "I" in PCIBank from "Industrial" to "International", to reflect the wide foreign office network of the bank. In 1985, it merged with the Insular Bank of Asia and America.
In 1987, John Gokongwei bought shares in the bank, becoming the second largest stockholder. He appointed Rafael Buenaventura to head PCIBank as President and CEO.
PCI Bank has won a string of "Bank of the Year" awards from the editors of Euromoney and Asiamoney. The bank has also been cited for its export financing, specialized lending and consumer finance activities by the Philippine Export and Foreign Loan Guarantee Corporation, the Development Bank of the Philippines, and the Home Insurance and Guaranty Corporation.
Addressing the various needs of its customers, PCI Bank set up subsidiaries to provide services ranging from leasing, investment banking and stock market transactions to credit cards, consumer loans, insurance, and overseas remittances.
