Banco de Oro
A major Philippine universal bank serving retail, commercial, corporate, investment, and institutional customers through a broad domestic and international network.
Last updated October 14, 2026
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Overview
Banco de Oro, commonly known as BDO, is the consumer-facing and institutional banking brand of BDO Unibank, Inc., a Philippine universal banking group headquartered in Makati City. The bank is part of the SM Group and has a strong presence in SM malls and other high-traffic commercial locations across the Philippines. Its business covers retail and commercial banking, corporate lending, deposits, payments, foreign exchange, remittances, credit cards, trust and investment services, cash management, leasing, investment banking, private banking, insurance and securities activities. The institution began on January 2, 1968 as Acme Savings Bank, a small thrift bank operating with two branches in the area that later became Metro Manila. The SM Group acquired the bank in November 1976 and renamed it Banco de Oro Savings and Mortgage Bank. Under SM ownership, the bank expanded its branch network and gradually moved from a small savings institution toward a broad financial-services platform. It became a commercial bank in December 1994 and was renamed Banco de Oro Commercial Bank. In September 1996, it received universal-bank status and adopted the name Banco de Oro Universal Bank, later shortened in corporate form to BDO Unibank, Inc. A major turning point came through a series of acquisitions and integrations. BDO absorbed the Philippine operations of Dao Heng Bank in 2001 and acquired the operations of 1st e-Bank in 2002. It later purchased or integrated selected operations of Banco Santander Philippines and United Overseas Bank Philippines. These transactions added branches, customers and specialist capabilities while strengthening BDO's geographic reach. The defining transaction was the merger with Equitable PCI Bank, agreed by the two boards in December 2006 and completed in 2007. The combined institution retained BDO's Philippine Stock Exchange ticker and created one of the country's largest banks. The corporate name initially used after the transaction was Banco de Oro-EPCI, Inc., followed by Banco de Oro Unibank, Inc.; in 2010, the company adopted BDO Unibank, Inc. BDO subsequently broadened its financial-services ecosystem. It acquired GE Money Bank's Philippine operations in 2009, announced an agreement to acquire Citibank Savings in 2013, purchased The Real Bank in 2014 and acquired One Network Bank, the Philippines' largest rural bank at the time, near the end of 2014. One Network Bank was later renamed BDO Network Bank. BDO also expanded its trust, insurance, private banking, securities, leasing and investment-banking activities through subsidiaries and affiliates. The bank's positioning combines mass-market accessibility with full-service financial depth. Its large branch and ATM network supports everyday banking, while its corporate, middle-market, SME, treasury, trust and investment businesses serve larger and more sophisticated clients. BDO introduced EMV-enabled debit cards in 2016 and an EMV Visa Debit Card in 2017 as part of the Philippine payments industry's migration toward chip-based card security. By the early 2020s, BDO described itself as the country's largest bank by several measures, including consolidated resources, customer loans, deposits, assets under management and capital, in addition to its branch and ATM network. It remains a major participant in Philippine banking, competing with institutions such as Bank of the Philippine Islands, Metropolitan Bank and Trust Company and Land Bank of the Philippines.
History
BDO's history began in 1968, when Acme Savings Bank was established as a small thrift institution with two branches in the future Metro Manila area. The SM Group acquired Acme in November 1976 and changed its name to Banco de Oro Savings and Mortgage Bank. The new ownership connected the bank with SM's expanding retail ecosystem and provided a foundation for growth in branch banking. The institution broadened its regulatory and commercial scope during the 1990s. It became a commercial bank in December 1994 and was renamed Banco de Oro Commercial Bank. In September 1996, it became a universal bank, adopting the name Banco de Oro Universal Bank. The bank entered insurance-related services in 1997 through BDO Insurance Brokers and developed additional insurance partnerships in the following years, including relationships involving Generali and other insurance companies. Expansion accelerated in the 2000s. BDO merged with the Philippine subsidiary of Dao Heng Bank in 2001, increasing its branch count. In 2002, it acquired the operations and branches of 1st e-Bank, formerly PDCP Bank, and integrated those branches into its network. In 2003, BDO acquired Banco Santander Philippines' local banking business and used it as the basis for BDO Private Bank. In 2005, it acquired most of the Philippine retail branches of United Overseas Bank; integration was completed in 2006. The most consequential episode was the Equitable PCI Bank transaction. BDO and SM Investments acquired a significant stake in Equitable PCI Bank in 2005. After negotiations and competing shareholder positions, the two banks' boards approved a merger agreement on December 27, 2006. The transaction was completed in 2007, with BDO as the surviving institution. The post-merger bank initially used the Banco de Oro-EPCI name and then Banco de Oro Unibank, Inc. The combined business brought together BDO's distribution and consumer-banking platform with Equitable PCI's established corporate, card, trust and branch operations. Equitable PCI was delisted in June 2007, while the surviving bank retained BDO's ticker. BDO continued to pursue selective acquisitions. In 2009, it completed the purchase of GE Money Bank's Philippine operations, including branches, customers and automated teller machines. In 2013, it announced a plan to acquire Citibank Savings. In 2014, it acquired The Real Bank and also purchased One Network Bank, a large rural bank with a strong presence outside the main metropolitan centers. One Network Bank was renamed BDO Network Bank in 2019, linking the rural-banking franchise more clearly with the parent brand. Alongside acquisitions, BDO developed a multi-business financial group. Its activities include retail and corporate deposits, lending, cards, remittances, foreign exchange, treasury and cash management. Subsidiaries and affiliates extend the offering into investment banking, securities brokerage, leasing, private banking, insurance, bancassurance, trust and investment management, technology and rural banking. This structure allows the brand to serve individuals, SMEs, middle-market companies, major corporations and affluent clients. Technology and payments became increasingly important to the bank's customer proposition. BDO introduced EMV-chip debit cards in 2016 and an EMV Visa Debit Card in 2017, reflecting the industry's move toward chip-based payment security. The reference material also records a 2021 hacking incident, although the available information does not establish enough detail for a fuller account. By the early 2020s, BDO had become the Philippines' largest bank by several reported measures, including consolidated resources, loans, deposits, assets under management and capital. Its extensive branch and ATM presence, especially in and around SM retail locations, remains a defining feature. The contemporary BDO brand therefore represents both a mass-market banking network and a broad universal-bank group with substantial corporate, investment and wealth-management capabilities.
- 2019
One Network Bank becomes BDO Network Bank
[1]The rural-bank subsidiary changes its name to BDO Network Bank.
- 2016
EMV debit-card rollout
[1]BDO begins issuing EMV-chip debit cards.
- 2014
Rural-banking expansion
[1]BDO acquires The Real Bank and One Network Bank, strengthening its presence in thrift and rural banking.
- 2011
Adoption of the BDO Unibank name
[2]The institution adopted the name BDO Unibank, Inc., reflecting its position as a universal bank with activities across multiple financial-services categories.
- 2009
GE Money Bank Philippines acquisition
[1]BDO completes the acquisition of GE Money Bank's Philippine operations, strengthening its consumer-lending and related financial-services platform.
- 2009
Expansion of consumer-finance capabilities
[2]BDO acquired the Philippine consumer-finance operations of GE Capital, strengthening its consumer-lending and related financial-services platform.
- 2007
Equitable PCI merger completed
[1]The combined institution operates with BDO as the surviving entity, while Equitable PCI is subsequently delisted.
- 2006
Equitable PCI merger agreement
[1]The boards of BDO and Equitable PCI Bank approve the transaction that creates the modern combined bank.
- 2005
Combination with Equitable PCI Bank
[2]Banco de Oro completed a major combination with Equitable PCI Bank, significantly expanding its scale, branch network, and banking capabilities.
- 2002
Acquisition of 1st e-Bank
[1]BDO acquires and integrates 1st e-Bank's operations and branches.
Products and positioning
A nationwide, full-service Philippine universal bank associated with the SM Group, combining extensive physical distribution with retail, commercial, corporate and investment-banking capabilities. A scale-oriented, full-service Philippine universal bank combining a broad domestic distribution network with corporate, consumer, treasury, investment, and wealth-management capabilities. The brand is positioned around accessibility, convenience, product breadth, and integration with the wider SM business ecosystem.
Consumer banking
Retail banking
BDO offers everyday banking products including savings, checking and time-deposit accounts, consumer loans, cards, payments, remittances and foreign-exchange services. Its extensive branch and ATM network makes retail distribution a central part of the brand. The retail franchise also covers personal loans, home and auto financing, branch transactions, and digital banking, designed to cover routine cash management as well as borrowing and payment needs across the consumer life cycle. BDO's retail franchise provides everyday banking for individuals, including deposit accounts, personal loans, home and auto financing, payments, remittances, cards, branch transactions, and digital banking. The offering is designed to cover routine cash management as well as borrowing and payment needs across the consumer life cycle.
Business banking
Corporate and commercial banking
The bank provides lending and transaction services to corporations, middle-market companies and SMEs. Offerings include working-capital and other credit facilities, deposits, treasury services, foreign exchange and corporate cash management. The bank serves small and medium-sized businesses, large Philippine companies, institutions, and multinational clients with credit facilities, working-capital finance, trade services, cash management, deposits, foreign exchange, treasury products, and project or structured finance. The segment connects lending with transaction services and operating accounts. The bank provides lending and transaction services to corporations, middle-market companies and SMEs. Offerings include working-capital and other credit facilities, term loans, trade finance, deposits, treasury services, foreign exchange, corporate cash management, and project or structured finance. The segment connects lending with transaction services and operating accounts, serving clients ranging from smaller enterprises to large Philippine and multinational companies.
Payments · 2016
Cards and payments
BDO issues credit cards and debit cards and supports domestic and international payment activity. Its EMV-chip debit-card rollout beginning in 2016 and EMV Visa Debit Card introduced in 2017 formed part of the bank's payment-security modernization. Card-based payments and consumer-credit products, including credit cards and financing for household purchases and other personal needs, are supported by the bank's retail distribution, merchant relationships, electronic channels, and broader consumer-finance capabilities.
Wealth management
Trust and investments
Through its trust and investment operations, BDO serves individuals, institutions and corporations with fiduciary, investment-management and related wealth services. The group also operates private-banking capabilities for affluent customers. The broader group also has capabilities in securities and investment banking, enabling customers to access capital-markets and portfolio-related services.
Insurance distribution · 1997
Insurance and bancassurance
BDO expanded beyond banking into insurance brokerage and bancassurance through subsidiaries and partnerships. These activities complement its branch-based financial relationship with retail and business customers.
Rural banking · 2019
BDO Network Bank
BDO Network Bank is the group's rural-banking platform, originating from One Network Bank's acquisition in 2014 and renamed in 2019. It extends BDO's reach into markets outside the country's principal metropolitan banking centers.
Consumer finance
Credit cards and consumer finance
BDO provides card-based payments and consumer-credit products, including credit cards and financing for household purchases and other personal needs. These products are supported by the bank's retail distribution, merchant relationships, electronic channels, and broader consumer-finance capabilities.
Wealth management
Trust, wealth, and investment services
Through its trust and investment businesses, BDO offers wealth-management, fiduciary, investment, and asset-management services to individuals, families, companies, and institutions. The broader group also has capabilities in securities and investment banking, enabling customers to access capital-markets and portfolio-related services.
Financial technology and payments
Digital banking and payments
BDO's digital proposition includes online and mobile banking, electronic fund transfers, account servicing, bill payment, card controls, and other digital transactions. These channels complement the branch and ATM network and support both individual customers and business cash-management users.
Controversies
Brand decisions
2016
Introduce EMV-chip debit cardsProduct launchBackground
The Philippine payments market was moving toward chip-based card authentication and stronger transaction security.
Action taken
BDO began issuing debit cards with embedded EMV chips and later introduced an EMV Visa Debit Card.
Aftermath
The rollout modernized BDO's debit-card security and aligned its cards with the emerging industry standard.
2014
Acquire One Network BankM&ABackground
BDO pursued wider geographic coverage and greater participation in rural banking.
Action taken
BDO acquired One Network Bank near the end of 2014.
Aftermath
The acquired bank later became BDO Network Bank, strengthening the group's rural distribution platform.
2009
Acquisition of GE Capital's Philippine consumer-finance operationsM&ABackground
BDO pursued additional consumer-finance scale and product capabilities.
Action taken
BDO acquired GE Capital's consumer-finance businesses in the Philippines.
Aftermath
The acquisition strengthened BDO's presence in consumer lending and related financial services.
2006
Approve the Equitable PCI Bank mergerM&ABackground
BDO sought to combine its expanding retail and distribution platform with Equitable PCI Bank's banking, card, corporate and trust businesses.
Action taken
The boards approved a merger with BDO as the surviving institution; the transaction was completed in 2007.
Aftermath
The merger created one of the Philippines' largest banks and substantially expanded BDO's network and capabilities.
2005
Combination with Equitable PCI BankM&ABackground
Banco de Oro sought greater scale and a broader universal-banking platform in the Philippine market.
Action taken
The bank combined with Equitable PCI Bank and continued building the enlarged institution under the BDO identity.
Aftermath
The transaction materially expanded BDO's domestic network, customer base, and capabilities across retail, commercial, and corporate banking.
Recent events
- 2019
BDO Network Bank adopts new name[1]
Other
One Network Bank, acquired by BDO in 2014, was renamed BDO Network Bank as part of its integration into the wider BDO group.
- 2016
BDO introduces EMV-enabled debit cards[1]
Product launch · Regulation
BDO rolled out chip-enabled debit cards and later introduced an EMV Visa Debit Card, improving card authentication and security.
- 2007
Equitable PCI Bank is delisted following merger[1]
M&A
Equitable PCI Bank was delisted after the merger, while the combined institution retained Banco de Oro's stock-market identity.
- 2006
BDO and Equitable PCI Bank agree to merge[1]
M&A
The boards of Banco de Oro and Equitable PCI Bank approved a merger plan that led to the creation of the modern BDO Unibank.
Sources5 sources
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