History
Philtrust Bank was established in 1916 as the first bank to engage in trust business, still non-existent in the early 1900s despite the increasing demand for estate administration and guardianship services. The bank started with just one million authorized capital stocks, half of which was paid up.
Even the Office of the United States Veterans Administration, then known as the Veterans Bureau, engaged Philippine Trust Company to handle guardianship of deceased Veteran's children. Among the customers of Philtrust Bank was Gen. Douglas MacArthur.
After World War II, the government, through the Rehabilitation Finance Corporation infused fresh capital. The bank's authorized capital stock was increased to ₱3 million, of which, ₱2 million was paid-up between existing shareholders and the RFC.
The bank's resources continued to grow and by 1966, 50 years after its founding, it had a total resources of ₱119.5 million.
In 1978, several parties expressed interest in acquiring controlling interest and approached the Roman Catholic Archbishop of Manila, the principal stockholder of Philtrust Bank then. Archbishop Jaime Cardinal Sin eventually decided to sell the stake to Emilio T. Yap because he believed that Yap "could maintain the trust and confidence of the Bank’s clients and would contribute greatly to the growth, stability and success of the Bank."
On October 17, 1978, Yap took over Philtrust Bank and in 1988, Philtrust bank was listed in the Makati Stock Exchange and Manila Stock Exchange.
In 2007, the Bangko Sentral ng Pilipinas granted universal banking license to Philtrust Bank. The Philippines’ Securities and Exchange Commission also approved the registration of the Bank's Amended Articles of Incorporation, with powers among others, to engage in the business of expanded commercial banking as a universal bank, to carry on the business of a trust company, exercise the powers of investment houses as provided in pertinent laws and the power and authority to invest in the equity of allied and non-allied corporations, business or undertakings, and to perform such other acts and functions as may be permitted by law.
In 2006, Yap, through Philtrust Bank, announced the acquisition of the 58% share of Philippine Bank of Communications owned by the Chung and Nubla families, for ₱3 billion or ₱30 per share. The bid was higher than Lucio Tan’s ₱20 206 per share offer. However, in 2009, Yap withdrew its bid saying the officers of Philtrust Bank are no longer interested in acquiring PBCom.[5][6]
